CleanSpark (NASDAQ:CLSK) Shares Gap Down - What's Next?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $7.56, but opened at $7.29. CleanSpark shares last traded at $7.61, with a volume of 2,328,256 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Needham & Company LLC assumed coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective on the stock. Chardan Capital raised shares of CleanSpark to a "strong-buy" rating in a research note on Monday, March 24th. Keefe, Bruyette & Woods started coverage on CleanSpark in a research report on Monday, January 27th. They set an "outperform" rating and a $19.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $21.57.

CleanSpark Stock Performance

The firm has a market capitalization of $2.07 billion, a P/E ratio of 67.26 and a beta of 4.12. The stock has a 50-day moving average of $8.93 and a 200 day moving average of $10.67.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) 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%. On average, equities analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction dated 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 sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $335,945 over the last quarter. Corporate insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently modified their holdings of CLSK. California State Teachers Retirement System lifted its stake in shares of CleanSpark by 7.6% in the 4th quarter. California State Teachers Retirement System now owns 236,433 shares of the company's stock valued at $2,178,000 after purchasing an additional 16,789 shares during the period. United Advisor Group LLC grew its position in shares of CleanSpark by 144.4% during the 4th quarter. United Advisor Group LLC now owns 61,550 shares of the company's stock worth $567,000 after buying an additional 36,370 shares during the period. Mackenzie Financial Corp increased its stake in shares of CleanSpark by 13.5% in the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after acquiring an additional 1,898 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of CleanSpark by 22.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 512,765 shares of the company's stock valued at $4,723,000 after acquiring an additional 93,086 shares during the period. Finally, Tidal Investments LLC grew its holdings in CleanSpark by 50.8% during the fourth quarter. Tidal Investments LLC now owns 2,394,779 shares of the company's stock valued at $22,056,000 after purchasing an additional 806,435 shares during the period. 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.