CleanSpark (NASDAQ:CLSK) Shares Gap Down - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $7.97, but opened at $7.79. CleanSpark shares last traded at $7.72, with a volume of 1,894,302 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently commented on CLSK. HC Wainwright reaffirmed a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC began coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a "buy" rating and a $20.00 price target for the company. Keefe, Bruyette & Woods began coverage on CleanSpark in a report on Monday, January 27th. They set an "outperform" rating and a $19.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Macquarie boosted their price target on CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark presently has a consensus rating of "Buy" and a consensus price target of $21.57.

CleanSpark Price Performance

The company has a market cap of $2.09 billion, a P/E ratio of 67.64 and a beta of 4.20. The business's 50 day moving average price is $9.66 and its 200-day moving average price is $10.76.

Remove Ads

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results 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%. As a group, research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Buying and Selling

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the business's stock in a transaction dated Friday, February 14th. The shares were 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 of the company's stock, valued at approximately $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company's 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 transaction, the chairman now owns 2,450,010 shares in the company, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,186 shares of company stock worth $246,375 in the last 90 days. Corporate insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Compagnie Lombard Odier SCmA bought a new position in CleanSpark in the fourth quarter valued at about $31,000. GAMMA Investing LLC raised its holdings in CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock worth $36,000 after purchasing an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. lifted its position in CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the period. KBC Group NV boosted its stake in shares of CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company's stock valued at $69,000 after purchasing an additional 2,190 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of CleanSpark during the 4th quarter worth approximately $101,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.