CleanSpark (NASDAQ:CLSK) Trading Down 3.3%

CleanSpark, Inc. (NASDAQ:CLSK) shares fell 3.3% during mid-day trading on Friday . The stock traded as low as $15.12 and last traded at $15.62. 5,990,182 shares were traded during mid-day trading, a decline of 82% from the average session volume of 32,721,844 shares. The stock had previously closed at $16.15.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CLSK. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, June 28th. BTIG Research raised their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, June 4th. Cantor Fitzgerald raised their target price on shares of CleanSpark from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Chardan Capital reiterated a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a report on Monday, May 13th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.13.

CleanSpark Price Performance

The stock’s 50-day moving average price is $16.94 and its 200 day moving average price is $15.18.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. The company had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. On average, sell-side analysts forecast that CleanSpark, Inc. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares of CLSK. Vanguard Group Inc. increased its position in CleanSpark by 58.5% during 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 period. Dimensional Fund Advisors LP boosted its stake in CleanSpark by 62.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after buying an additional 3,235,171 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in CleanSpark by 119.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock worth $19,384,000 after buying an additional 957,372 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in CleanSpark during the first quarter worth $3,818,000. Finally, Assenagon Asset Management S.A. acquired a new stake in CleanSpark during the first quarter worth $3,570,000. Institutional investors own 43.12% of the company’s stock.

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.