CleanSpark (NASDAQ:CLSK) Shares Down 5.1%

CleanSpark, Inc. (NASDAQ:CLSK)’s share price 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 were traded during trading, a decline of 47% from the average session volume of 34,861,816 shares. The stock had previously closed at $20.73.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CLSK. Chardan Capital raised their price target on CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. BTIG Research upped their target price on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. Cantor Fitzgerald boosted their price target on CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Monday, April 15th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Stock Performance

The firm has a 50 day moving average of $17.68 and a 200-day moving average of $11.09.

CleanSpark (NASDAQ:CLSK) last posted its earnings results 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. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The company had revenue of $73.79 million during the quarter, compared to analysts’ expectations of $66.06 million. On average, equities analysts anticipate that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at CleanSpark

In other news, Director Roger Paul Beynon sold 10,976 shares of CleanSpark stock in a transaction that occurred on 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 directly owns 141,381 shares in the company, valued at approximately $2,523,650.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 141,381 shares in the company, valued at approximately $2,523,650.85. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman S. Matthew Schultz sold 367,000 shares of the company’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 completion of the transaction, the chairman now owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Scotia Capital Inc. grew its stake in shares of CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after acquiring an additional 1,500 shares in the last quarter. VitalStone Financial LLC raised its holdings in shares of CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after purchasing an additional 1,930 shares during the period. Amalgamated Bank lifted its position in shares of CleanSpark by 25.4% during the 4th quarter. Amalgamated Bank now owns 13,197 shares of the company’s stock valued at $146,000 after buying an additional 2,671 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in CleanSpark by 0.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 800,059 shares of the company’s stock valued at $3,048,000 after purchasing an additional 2,709 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in CleanSpark by 100.0% in the 4th quarter. Signaturefd LLC now owns 9,000 shares of the company’s stock worth $99,000 after buying an additional 4,500 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.