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

CleanSpark, Inc. (NASDAQ:CLSK)’s share price 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CLSK. Macquarie raised their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. dropped their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Needham & Company LLC initiated coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective on the stock. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 target price for the company. Finally, Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a report on Monday, March 24th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $21.57.

CleanSpark Stock Up 3.1 %

The firm has a 50 day moving average price of $9.16 and a 200 day moving average price of $10.70. The stock has a market cap of $2.19 billion, a PE ratio of 70.72 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating 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 analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’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 sale, the chairman now owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,836 shares of company stock valued at $335,945 over the last 90 days. Corporate insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

A number of institutional investors have recently modified their holdings of CLSK. Vanguard Group Inc. lifted its position in CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after acquiring an additional 495,367 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of CleanSpark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after purchasing an additional 353,807 shares in the last quarter. State Street Corp boosted its position in shares of CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after purchasing an additional 261,195 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in CleanSpark during the 4th quarter worth $39,940,000. Finally, Invesco Ltd. increased its position in CleanSpark by 44.2% during the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after buying an additional 914,279 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.