Key Points
- CleanSpark COO Taylor Monnig sold 3,335 shares at an average price of $12.33, generating approximately $41,121 and reducing their ownership by 0.98% to 336,810 shares.
- CleanSpark shares opened at $12.52, down 2.8%, while the company reported a quarterly loss of $0.89 per share, missing estimates, and revenue fell 30.5% year over year to $138.01 million.
- Despite the insider selling and weak earnings, analysts maintain a consensus “Moderate Buy” rating with an average price target of $23.88; institutional investors own 43.12% of the stock.
Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) COO Taylor Monnig sold 3,335 shares of the business'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 transaction of $41,120.55. Following the completion of the sale, the chief operating officer directly owned 336,810 shares in the company, valued at $4,152,867.30. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Taylor Monnig also recently made the following trade(s):
- On Tuesday, September 8th, Taylor Monnig sold 25,249 shares of Cleanspark stock. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66.
- On Friday, September 4th, Taylor Monnig sold 4,513 shares of Cleanspark stock. The stock was sold at an average price of $12.61, for a total transaction of $56,908.93.
- On Friday, August 14th, Taylor Monnig sold 54 shares of Cleanspark stock. The stock was sold at an average price of $11.51, for a total transaction of $621.54.
Cleanspark Stock Down 2.8%
Cleanspark stock opened at $12.52 on Friday. The company has a market capitalization of $3.22 billion, a PE ratio of -3.32 and a beta of 3.84. The company has a debt-to-equity ratio of 2.34, a quick ratio of 5.91 and a current ratio of 5.91. Cleanspark, Inc. has a fifty-two week low of $8.00 and a fifty-two week high of $23.61. The firm has a 50 day moving average price of $12.94 and a 200 day moving average price of $13.25.
Cleanspark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $138.01 million for the quarter, compared to analyst estimates of $142.37 million. During the same quarter last year, the company earned $0.90 earnings per share. The firm's revenue for the quarter was down 30.5% on a year-over-year basis. Research analysts expect that Cleanspark, Inc. will post -1.4 earnings per share for the current year.
Institutional Trading of Cleanspark
A number of large investors have recently modified their holdings of CLSK. Dimensional Fund Advisors LP boosted its holdings in Cleanspark by 81.3% in the first quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company's stock valued at $120,007,000 after purchasing an additional 6,323,715 shares during the period. Situational Awareness LP raised its position in Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company's stock valued at $104,470,000 after purchasing an additional 10,635,739 shares in the last quarter. Bank of America Corp DE raised 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 in the last quarter. Intrinsic Edge Capital Management LLC boosted its stake in shares of Cleanspark by 617.3% in the 1st quarter. Intrinsic Edge Capital Management LLC now owns 894,735 shares of the company's stock valued at $7,614,000 after buying an additional 770,000 shares during the period. Finally, Headlands Technologies LLC boosted its stake in shares of Cleanspark by 214.8% in the 2nd quarter. Headlands Technologies LLC now owns 512,476 shares of the company's stock valued at $7,457,000 after buying an additional 349,658 shares during the period. Hedge funds and other institutional investors own 43.12% of the company's stock.
Analyst Ratings Changes
Several equities analysts recently issued reports on CLSK shares. Cantor Fitzgerald reissued an "overweight" rating and set a $26.00 target price on shares of Cleanspark in a research note on Friday, August 7th. Weiss Ratings raised Cleanspark from a "sell (d-)" rating to a "sell (d)" rating in a research report on Tuesday, August 11th. Needham & Company LLC boosted their price target on shares of Cleanspark from $18.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. B. Riley Financial boosted their price target on shares of Cleanspark from $19.00 to $26.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Finally, BTIG Research reissued a "buy" rating and set a $26.00 price target on shares of Cleanspark in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.88.
Check Out Our Latest Stock Report on CLSK
About Cleanspark
(
Get Free Report)
CleanSpark, Inc is a U.S.-based bitcoin mining and energy technology company traded on the Nasdaq under the symbol CLSK. Its primary business is operating data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin as a reward.
The company develops and operates its mining infrastructure in the United States, with facilities and operations located across several states. CleanSpark focuses on expanding and optimizing its data-center capacity, managing energy usage, and securing power resources to support its mining activities.
Before emphasizing bitcoin mining, CleanSpark was associated with energy-management and distributed-energy technologies designed to help businesses and communities improve energy efficiency and resilience.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
