CleanSpark (NASDAQ:CLSK) Shares Gap Down – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CLSK shares. Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. cut their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Needham & Company LLC assumed coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Keefe, Bruyette & Woods assumed coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark presently has an average rating of “Buy” and a consensus target price of $21.63.

CleanSpark Stock Performance

The stock’s 50 day simple moving average is $9.88 and its two-hundred day simple moving average is $10.84. The firm has a market capitalization of $2.21 billion, a PE ratio of 71.18 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Equities research analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the sale, the chief executive officer now 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the sale, the chairman now directly owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,186 shares of company stock valued at $246,375 in the last ninety days. 2.65% of the stock is currently owned by corporate insiders.

Institutional Trading of CleanSpark

Several institutional investors have recently made changes to their positions in the company. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark in the fourth quarter valued at approximately $31,000. GAMMA Investing LLC raised its position in CleanSpark by 962.1% in 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 during the period. Russell Investments Group Ltd. raised its position in CleanSpark by 60.0% in the fourth 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 raised its position in CleanSpark by 42.0% in the third 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 period. Finally, R Squared Ltd purchased a new stake in CleanSpark in the fourth quarter valued at approximately $101,000. 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.