Cleanspark (NASDAQ:CLSK) Reaches New 52-Week Low on Analyst Downgrade

Cleanspark, Inc. (NASDAQ:CLSK) hit a new 52-week low during trading on Friday after B. Riley Financial lowered their price target on the stock from $26.00 to $21.00. B. Riley Financial currently has a buy rating on the stock. Cleanspark traded as low as $7.29 and last traded at $7.3850, with a volume of 11,248,920 shares. The stock had previously closed at $8.20.

CLSK has been the subject of several other research reports. Cantor Fitzgerald decreased their price target on Cleanspark from $26.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Chardan Capital restated a “buy” rating and set a $21.00 target price on shares of Cleanspark in a research note on Monday, August 10th. Weiss Ratings raised shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Needham & Company LLC upped their target price on shares of Cleanspark from $18.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, BTIG Research reaffirmed a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a research note 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 assigned a Sell rating to the company. Based on data from MarketBeat, Cleanspark has a consensus rating of “Moderate Buy” and a consensus price target of $22.75.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 3,335 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $12.33, for a total value of $41,120.55. Following the sale, the chief operating officer owned 336,810 shares in the company, valued at approximately $4,152,867.30. This represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 33,151 shares of company stock worth $435,473. Insiders own 2.08% of the company’s stock.

Hedge Funds Weigh In On Cleanspark

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. Assenagon Asset Management S.A. purchased a new position in Cleanspark in the second quarter worth approximately $5,521,000. Compass Financial Management LLC acquired a new position in Cleanspark during the second quarter worth approximately $1,830,000. WINTON GROUP Ltd lifted its position in shares of Cleanspark by 58.2% during the second quarter. WINTON GROUP Ltd now owns 115,834 shares of the company’s stock worth $1,685,000 after purchasing an additional 42,634 shares in the last quarter. Situational Awareness LP lifted its position in shares of Cleanspark by 648.4% during the first quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock worth $104,470,000 after purchasing an additional 10,635,739 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Cleanspark by 49.2% in the 1st quarter. Bank of America Corp DE now owns 2,576,687 shares of the company’s stock valued at $21,928,000 after purchasing an additional 849,865 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

Cleanspark Price Performance

The company has a market cap of $1.93 billion, a price-to-earnings ratio of -1.99 and a beta of 3.84. The company has a current ratio of 5.91, a quick ratio of 5.91 and a debt-to-equity ratio of 2.34. The business has a 50-day moving average price of $11.63 and a 200 day moving average price of $12.37.

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

Cleanspark Company Profile

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.