Cleanspark (NASDAQ:CLSK) Reaches New 12-Month Low Following Analyst Downgrade

Cleanspark, Inc. (NASDAQ:CLSK) shares reached a new 52-week low 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.

Other research analysts have also issued research reports about the company. HC Wainwright reiterated a “buy” rating on shares of Cleanspark in a report on Friday, August 7th. B. Riley Financial upped their price objective on shares of Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Cantor Fitzgerald cut their price objective on shares of Cleanspark from $26.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Citigroup started coverage on shares of Cleanspark in a research note on Wednesday, June 24th. They set an “outperform” rating on the stock. Finally, Weiss Ratings upgraded shares of Cleanspark from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.11.

Insider Transactions at Cleanspark

In related news, COO Taylor Monnig sold 25,249 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the completion of the transaction, the chief operating officer directly owned 236,114 shares in the company, valued at $3,149,760.76. This trade represents a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders sold 33,151 shares of company stock worth $435,473. 2.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cleanspark

Several large investors have recently added to or reduced their stakes in the business. Markowski Investments purchased a new position in Cleanspark in the 2nd quarter valued at approximately $25,000. GK Wealth Management LLC acquired a new stake in shares of Cleanspark in the third quarter valued at $52,000. Versant Capital Management Inc raised its stake in shares of Cleanspark by 229.0% in the third 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 grew its stake in Cleanspark by 10.7% during the 1st quarter. KBC Group NV now owns 8,574 shares of the company’s stock worth $73,000 after purchasing an additional 828 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Cleanspark by 53.7% during the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock worth $76,000 after purchasing an additional 1,822 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

Cleanspark Trading Down 3.3%

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 company has a market cap of $2.02 billion, a PE ratio of -2.09 and a beta of 3.84. The company has a fifty day simple moving average of $11.95 and a two-hundred day simple moving average of $13.30.

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

About Cleanspark

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.