Cleanspark (NASDAQ:CLSK) Shares Gap Down After Analyst Downgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s stock price gapped down before the market opened on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $15.10, but opened at $14.18. Cleanspark shares last traded at $14.5770, with a volume of 12,225,387 shares.

Several other analysts also recently issued reports on CLSK. Macquarie cut their price target on Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday, November 26th. Sanford C. Bernstein increased their target price on Cleanspark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a report on Wednesday, October 8th. BTIG Research upped their price target on shares of Cleanspark from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Cleanspark in a report on Wednesday, November 26th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.20.

Insider Transactions at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the transaction, the chief operating officer owned 120,337 shares in the company, valued at $1,097,473.44. This represents a 34.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.65% of the stock is owned by corporate insiders.

Institutional Trading of Cleanspark

A number of institutional investors have recently made changes to their positions in CLSK. Hantz Financial Services Inc. boosted its position in shares of Cleanspark by 115.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after purchasing an additional 937 shares during the last quarter. Quarry LP bought a new position in Cleanspark during the third quarter worth about $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Cleanspark during the second quarter worth about $29,000. Fifth Third Bancorp grew its position in shares of Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock worth $32,000 after buying an additional 1,694 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in shares of Cleanspark in the 3rd quarter valued at about $32,000. 43.12% of the stock is owned by institutional investors and hedge funds.

Cleanspark Stock Down 2.6%

The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of 12.35 and a beta of 3.79. The business’s 50-day moving average is $15.85 and its two-hundred day moving average is $12.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.18 and a current ratio of 4.18.

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.