CleanSpark (NASDAQ:CLSK) Stock Price Down 5.1%

CleanSpark, Inc. (NASDAQ:CLSK) shares fell 5.1% during mid-day trading on Wednesday . The stock traded as low as $19.54 and last traded at $19.68. 18,324,828 shares changed hands during trading, a decline of 47% from the average session volume of 34,861,816 shares. The stock had previously closed at $20.73.

Analysts Set New Price Targets

Several brokerages recently issued reports on CLSK. JPMorgan Chase & Co. raised their price objective on CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Monday, April 15th. BTIG Research increased their target price on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Finally, Chardan Capital increased their target price on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, CleanSpark currently has a consensus rating of “Moderate Buy” and an average price target of $19.22.

CleanSpark Trading Down 1.6 %

The business has a fifty day moving average price of $17.76 and a 200 day moving average price of $11.20.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The business had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. Sell-side analysts predict that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at CleanSpark

In related news, Director Roger Paul Beynon sold 10,976 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total transaction of $195,921.60. Following the completion of the transaction, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Zachary Bradford sold 443,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the completion of the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the transaction, the director now owns 141,381 shares of the company’s stock, valued at approximately $2,523,650.85. The disclosure for this sale can be found here. Insiders sold 1,169,620 shares of company stock valued at $24,963,509 over the last 90 days. 3.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its position in CleanSpark by 62.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after acquiring an additional 3,235,171 shares during the period. Vanguard Group Inc. boosted its position in CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after acquiring an additional 515,314 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in CleanSpark by 119.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock worth $19,384,000 after acquiring an additional 957,372 shares during the period. Charles Schwab Investment Management Inc. boosted its position in CleanSpark by 11.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock worth $15,217,000 after acquiring an additional 142,078 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of CleanSpark by 39.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock worth $4,573,000 after purchasing an additional 338,190 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About CleanSpark

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.