CleanSpark (NASDAQ:CLSK) Shares Gap Down - Time to Sell?

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CLSK shares. Macquarie increased their target price on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Needham & Company LLC began coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price for the company. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price on the stock. 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $22.25.

CleanSpark Stock Up 6.4 %

The company has a market cap of $2.24 billion, a PE ratio of 72.64 and a beta of 4.25. The company's fifty day moving average is $10.32 and its 200-day moving average is $11.12.

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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 the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Equities research analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the firm'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 $95,866.40. Following the transaction, the chairman now directly owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 23,186 shares of company stock valued at $246,375. Insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CLSK. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark during the 4th quarter valued at approximately $31,000. GAMMA Investing LLC lifted its holdings in 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 in the last quarter. Hollencrest Capital Management boosted its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $37,000 after purchasing an additional 1,000 shares during the period. Russell Investments Group Ltd. increased its stake in shares of CleanSpark by 60.0% in the fourth 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 in the last quarter. Finally, KBC Group NV increased its stake in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after purchasing an additional 2,190 shares in the last quarter. Institutional investors own 43.12% of the company's stock.

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.