CleanSpark (NASDAQ:CLSK) Shares Gap Down to $9.35

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.35, but opened at $9.00. CleanSpark shares last traded at $8.73, with a volume of 4,853,040 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have commented on CLSK shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $23.00 price objective on shares of CleanSpark in a report on Tuesday, September 3rd. JPMorgan Chase & Co. dropped their target price on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating for the company in a report on Friday, August 23rd. Finally, HC Wainwright restated a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.97.

CleanSpark Price Performance

The firm's fifty day moving average is $13.49 and its 200-day moving average is $16.03.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The firm had revenue of $104.11 million during the quarter, compared to analysts' expectations of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, equities analysts predict that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Institutional Trading of CleanSpark

Large investors have recently modified their holdings of the stock. New York State Common Retirement Fund grew its stake in CleanSpark by 54.8% during the 4th quarter. New York State Common Retirement Fund now owns 63,141 shares of the company's stock worth $696,000 after purchasing an additional 22,340 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of CleanSpark by 50.5% in the 4th quarter. Victory Capital Management Inc. now owns 23,973 shares of the company's stock valued at $264,000 after buying an additional 8,040 shares during the period. Swiss National Bank increased its stake in shares of CleanSpark by 27.8% during the fourth quarter. Swiss National Bank now owns 300,800 shares of the company's stock worth $3,318,000 after buying an additional 65,400 shares during the period. Amalgamated Bank raised its holdings in CleanSpark by 25.4% in the fourth quarter. Amalgamated Bank now owns 13,197 shares of the company's stock valued at $146,000 after acquiring an additional 2,671 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in CleanSpark by 11.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company's stock worth $15,217,000 after acquiring an additional 142,078 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company's stock.

About CleanSpark

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.