Insider Selling: Cleanspark (NASDAQ:CLSK) COO Sells 25,249 Shares

Cleanspark, Inc. (NASDAQ:CLSK) COO Taylor Monnig sold 25,249 shares of Cleanspark stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the completion of the sale, the chief operating officer directly owned 236,114 shares in the company, valued at $3,149,760.76. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Taylor Monnig also recently made the following trade(s):

• On Friday, September 4th, Taylor Monnig sold 4,513 shares of Cleanspark stock. The shares were sold at an average price of $12.61, for a total value of $56,908.93.
• On Friday, August 14th, Taylor Monnig sold 54 shares of Cleanspark stock. The stock was sold at an average price of $11.51, for a total transaction of $621.54.

Cleanspark Stock Performance

CLSK traded down $0.20 on Wednesday, hitting $13.28. The company’s stock had a trading volume of 14,053,004 shares, compared to its average volume of 18,057,584. The company’s 50 day simple moving average is $12.90 and its 200-day simple moving average is $12.84. The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34. Cleanspark, Inc. has a 12 month low of $8.00 and a 12 month high of $23.61. The firm has a market cap of $3.41 billion, a P/E ratio of -3.52 and a beta of 3.84.

Cleanspark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.42). Cleanspark had a negative net margin of 146.90% and a negative return on equity of 18.63%. The company had revenue of $138.01 million during the quarter, compared to analysts’ expectations of $142.37 million. During the same quarter last year, the firm posted $0.90 earnings per share. Cleanspark’s revenue for the quarter was down 30.5% compared to the same quarter last year. Analysts forecast that Cleanspark, Inc. will post -1.4 EPS for the current year.

Institutional Trading of Cleanspark

Hedge funds have recently bought and sold shares of the company. Markowski Investments purchased a new stake in Cleanspark in the second quarter worth approximately $25,000. Quarry LP purchased a new position in shares of Cleanspark during the third quarter worth approximately $26,000. Morse Asset Management Inc purchased a new position in shares of Cleanspark during the third quarter worth approximately $32,000. Strs Ohio bought a new stake in shares of Cleanspark in the 1st quarter worth approximately $38,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company’s stock worth $44,000 after acquiring an additional 2,947 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Needham & Company LLC boosted their target price on Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Maxim Group raised their price target on Cleanspark from $18.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Chardan Capital reissued a “buy” rating and set a $21.00 price objective on shares of Cleanspark in a report on Monday, August 10th. Keefe, Bruyette & Woods upped their price objective on shares of Cleanspark from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $26.00 target price on shares of Cleanspark in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.88.

About Cleanspark

CleanSpark, Inc (NASDAQ: CLSK) is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark’s technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.