Cleanspark (NASDAQ:CLSK) Hits New 52-Week Low Following Analyst Downgrade

by · The Markets Daily

Cleanspark, Inc. (NASDAQ:CLSK – Get Free Report)’s stock price hit a new 52-week low during trading on Thursday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $8.00 and last traded at $8.04, with a volume of 10,907,650 shares changing hands. The stock had previously closed at $8.75.

Several other research analysts have also commented on the company. Citizens Jmp assumed coverage on Cleanspark in a research report on Wednesday, June 24th. They set a “market outperform” rating and a $27.00 price target on the stock. B. Riley Financial lifted their price objective on Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Citigroup assumed coverage on shares of Cleanspark in a research report on Wednesday, June 24th. They set an “outperform” rating on the stock. Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Finally, BTIG Research reissued a “buy” rating and issued a $26.00 price target on shares of Cleanspark in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.11.

Get Our Latest Analysis on CLSK

Insider Activity

In related news, COO Taylor Monnig sold 3,335 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $12.33, for a total value of $41,120.55. Following the transaction, the chief operating officer owned 336,810 shares in the company, valued at approximately $4,152,867.30. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 33,151 shares of company stock worth $435,473. 2.08% of the stock is currently owned by insiders.

Institutional Trading of Cleanspark

Several large investors have recently modified their holdings of the business. Markowski Investments acquired a new stake in shares of Cleanspark in the 2nd quarter valued at about $25,000. GK Wealth Management LLC acquired a new stake in shares of Cleanspark in the third quarter valued at approximately $52,000. Versant Capital Management Inc raised its stake in Cleanspark by 229.0% during the 3rd quarter. Versant Capital Management Inc now owns 4,939 shares of the company’s stock valued at $64,000 after acquiring an additional 3,438 shares in the last quarter. KBC Group NV lifted its holdings in Cleanspark by 10.7% in the first quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Cleanspark by 53.7% during the second quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock valued at $76,000 after acquiring an additional 1,822 shares during the period. 43.12% of the stock is currently owned by institutional investors and hedge funds.

Cleanspark Stock Down 3.3%

The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. The company has a market cap of $2.02 billion, a P/E ratio of -2.09 and a beta of 3.84. The stock has a 50 day moving average price of $11.95 and a 200 day moving average price of $13.30.

Cleanspark (NASDAQ:CLSK – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.42). The business had revenue of $138.01 million during the quarter, compared to analyst estimates of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%. The business’s revenue for the quarter was down 30.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. Research analysts expect that Cleanspark, Inc. will post -1.40 earnings per share for the current fiscal year.

Cleanspark Company Profile

(Get Free Report)

CleanSpark, Inc is a bitcoin mining and digital infrastructure company headquartered in Henderson, Nevada. The company develops and operates data centers that use specialized computing equipment to validate transactions and secure the Bitcoin network.

CleanSpark focuses on acquiring, building and managing bitcoin mining facilities in the United States. Its operations have included sites in Georgia, Mississippi, Tennessee and Wyoming, with an emphasis on energy management, operational efficiency and access to reliable power.

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