CleanSpark (NASDAQ:CLSK) Shares Down 4.1%

CleanSpark, Inc. (NASDAQ:CLSK) shares traded down 4.1% during trading on Monday . The stock traded as low as $8.87 and last traded at $9.00. 882,110 shares were traded during 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 equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, CleanSpark presently has an average rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Stock Down 3.2 %

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

CleanSpark (NASDAQ:CLSK) last issued its quarterly 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 during the quarter, compared to analyst estimates of $114.04 million. Equities analysts anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s 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 completion of the transaction, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 26,272 shares of company stock valued at $264,421 in the last 90 days. 3.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in shares of CleanSpark in the second quarter valued at about $286,000. SRN Advisors LLC lifted its position in shares of CleanSpark by 138.7% in the 2nd quarter. SRN Advisors LLC now owns 158,144 shares of the company’s stock worth $2,522,000 after acquiring an additional 91,886 shares during the period. Cetera Investment Advisers lifted its position in shares of CleanSpark by 84.8% in the 2nd quarter. Cetera Investment Advisers now owns 124,992 shares of the company’s stock worth $1,994,000 after acquiring an additional 57,354 shares during the period. Granite Bay Wealth Management LLC acquired a new stake in shares of CleanSpark during the 2nd quarter worth approximately $1,563,000. Finally, Senator Investment Group LP bought a new stake in shares of CleanSpark during the second quarter valued at approximately $1,148,000. Institutional investors 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.