CleanSpark (NASDAQ:CLSK) Trading Down 10.1% – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares dropped 10.1% during trading on Thursday . The company traded as low as $10.77 and last traded at $10.84. Approximately 16,171,124 shares changed hands during trading, a decline of 46% from the average daily volume of 30,075,932 shares. The stock had previously closed at $12.06.

Wall Street Analyst Weigh In

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

CleanSpark Trading Down 11.9 %

The company’s 50-day moving average is $10.21 and its 200-day moving average is $14.07.

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). 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 analyst estimates of $114.04 million. Analysts forecast that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Activity

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 26,272 shares of company stock valued at $250,003 in the last ninety days. 3.46% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in CleanSpark by 58.5% during the 1st 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. Van ECK Associates Corp raised its stake in CleanSpark by 64.0% in the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after buying an additional 620,792 shares during the period. Millennium Management LLC raised its stake in CleanSpark by 74.6% in the second 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 period. Marshall Wace LLP acquired a new stake in shares of CleanSpark in the second quarter valued at approximately $18,074,000. Finally, Bank of New York Mellon Corp lifted its position in shares of CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares during the last quarter. 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.