CleanSpark (NASDAQ:CLSK) Shares Down 4.1%

CleanSpark, Inc. (NASDAQ:CLSK) shares traded down 4.1% during mid-day trading on Monday . The stock traded as low as $8.87 and last traded at $9.00. 882,110 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 30,686,420 shares. The stock had previously closed at $9.38.

Analysts Set New Price Targets

Several analysts recently commented on the stock. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Wednesday, September 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, CleanSpark presently has an average rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Price Performance

The company’s 50-day moving average is $13.08 and its 200 day moving average is $15.81.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, research analysts forecast that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 26,272 shares of company stock valued at $264,421. Corporate insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after acquiring an additional 4,706,738 shares during the last quarter. Dimensional Fund Advisors LP increased its position in CleanSpark by 62.2% in the 4th 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 last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 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 purchasing an additional 142,078 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after buying an additional 534,825 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of CleanSpark in the 2nd quarter valued at approximately $18,074,000. 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.