CleanSpark (NASDAQ:CLSK) Stock Price Down 5.9% – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares fell 5.9% during trading on Monday . The company traded as low as $11.95 and last traded at $12.10. 7,426,223 shares traded hands during trading, a decline of 75% from the average session volume of 29,814,848 shares. The stock had previously closed at $12.86.

Wall Street Analyst Weigh In

CLSK has been the subject of several research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. Macquarie started coverage on CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Stock Down 3.5 %

The business has a fifty day moving average price of $10.12 and a 200-day moving average price of $14.25.

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

Insider Transactions at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred on 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 in the company, valued at $1,266,342. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 26,272 shares of company stock worth $256,874. Insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several large investors have recently added to or reduced their stakes in the business. National Bank of Canada FI lifted its holdings in shares of CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares during the period. Hollencrest Capital Management acquired a new stake in shares of CleanSpark in the 2nd quarter valued at about $48,000. Russell Investments Group Ltd. boosted its position in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after purchasing an additional 787 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of CleanSpark during the 1st quarter valued at $109,000. Finally, Doliver Advisors LP purchased a new stake in CleanSpark in the 3rd quarter worth about $117,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.