CleanSpark (NASDAQ:CLSK) Stock Price Down 5.1%

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CLSK shares. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Monday, April 15th. JPMorgan Chase & Co. increased their target price on CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Chardan Capital increased their price target on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. BTIG Research increased their price target on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Cantor Fitzgerald increased their price target on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, CleanSpark presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.22.

CleanSpark Stock Performance

The stock has a 50 day moving average price of $17.76 and a 200 day moving average price of $11.20.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 16.25% and a negative net margin of 38.09%. On average, research analysts predict that CleanSpark, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at CleanSpark

In other news, CEO Zachary Bradford sold 443,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the business’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 value of $8,997,330.00. Following the completion of the sale, the chief executive officer now owns 2,795,863 shares in the company, valued at $56,783,977.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of the business’s stock in a transaction that occurred 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 sale, 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. Over the last 90 days, insiders sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLSK. Dimensional Fund Advisors LP grew its stake in CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after purchasing an additional 3,235,171 shares during the period. Vanguard Group Inc. grew its stake in shares of CleanSpark by 21.7% in the third quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock worth $28,701,000 after acquiring an additional 1,345,135 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of CleanSpark by 119.7% in the fourth 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of CleanSpark by 273.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after acquiring an additional 905,993 shares during the last quarter. Finally, Shariaportfolio Inc. purchased a new stake in shares of CleanSpark in the third quarter worth $3,161,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.