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

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $12.37, but opened at $11.86. CleanSpark shares last traded at $11.91, with a volume of 5,074,972 shares traded.

Analysts Set New Price Targets

Several research firms have weighed in on CLSK. 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. HC Wainwright reissued a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. Macquarie started coverage on CleanSpark in a report on Wednesday, September 25th. They set an "outperform" rating and a $20.00 target price on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CleanSpark has a consensus rating of "Moderate Buy" and a consensus target price of $19.11.

CleanSpark Stock Down 2.5 %

The company's 50 day simple moving average is $10.22 and its 200 day simple moving average is $14.09.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.03). The business 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 anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares of the company's stock, valued at $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 26,272 shares of company stock worth $250,003 in the last 90 days. 3.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank boosted its position in CleanSpark by 21.3% during the 1st quarter. Swiss National Bank now owns 364,800 shares of the company's stock worth $7,737,000 after purchasing an additional 64,000 shares during the period. SRN Advisors LLC raised its stake in shares of CleanSpark by 65.3% during the third quarter. SRN Advisors LLC now owns 261,427 shares of the company's stock valued at $2,442,000 after purchasing an additional 103,283 shares during the period. Vanguard Group Inc. lifted its position in shares of CleanSpark by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after purchasing an additional 515,314 shares in the last quarter. Millennium Management LLC grew its holdings in CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock valued at $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Finally, Granite Bay Wealth Management LLC acquired a new position in CleanSpark in the 2nd quarter worth $1,563,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.