CleanSpark (NASDAQ:CLSK) Shares Down 4.3%

CleanSpark, Inc. (NASDAQ:CLSK) dropped 4.3% during trading on Friday . The company traded as low as $15.11 and last traded at $15.19. Approximately 2,839,186 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 34,542,414 shares. The stock had previously closed at $15.87.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CLSK shares. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, March 27th. Cantor Fitzgerald lifted their target price on shares of CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. BTIG Research lifted their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. boosted their target price on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, CleanSpark currently has an average rating of “Moderate Buy” and a consensus price target of $19.22.

CleanSpark Price Performance

The stock’s 50-day simple moving average is $16.97 and its 200 day simple moving average is $10.39.

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

Insider Buying and Selling

In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the transaction, the chairman now directly owns 2,298,975 shares in the company, valued at $53,037,353.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 443,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at $56,783,977.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,169,620 shares of company stock worth $24,963,509. Company insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. grew its holdings in CleanSpark by 60.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock valued at $25,000 after buying an additional 2,150 shares during the period. Barclays PLC raised its position in shares of CleanSpark by 533.2% in the 4th quarter. Barclays PLC now owns 12,253 shares of the company’s stock valued at $25,000 after purchasing an additional 10,318 shares in the last quarter. State of Wyoming acquired a new position in shares of CleanSpark in the 2nd quarter valued at approximately $27,000. Lazard Asset Management LLC raised its position in shares of CleanSpark by 3,177.3% in the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock valued at $29,000 after purchasing an additional 7,689 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Company Profile

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.