CleanSpark (NASDAQ:CLSK) Shares Gap Down - Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $8.90, but opened at $8.43. CleanSpark shares last traded at $8.10, with a volume of 4,846,652 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on CLSK. Needham & Company LLC started coverage on CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target on the stock. Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They set an "outperform" rating and a $19.00 target price on the stock. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and raised their target price for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Macquarie boosted their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark presently has a consensus rating of "Buy" and a consensus price target of $22.25.

CleanSpark Stock Performance

The stock has a 50 day moving average price of $10.26 and a two-hundred day moving average price of $11.10. The company has a market capitalization of $2.19 billion, a PE ratio of 70.82 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Sell-side analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the business's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark in the 4th quarter valued at about $31,000. GAMMA Investing LLC grew its stake in shares of CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock valued at $36,000 after purchasing an additional 3,579 shares during the last quarter. Hollencrest Capital Management increased its holdings in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. raised its position in CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after purchasing an additional 2,196 shares during the last quarter. Finally, KBC Group NV lifted its holdings in CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after buying an additional 2,190 shares in the last quarter. 43.12% of the stock is owned by institutional investors.

CleanSpark Company Profile

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.