CleanSpark (NASDAQ:CLSK) Shares Gap Down to $19.78

CleanSpark, Inc. (NASDAQ:CLSK) gapped down before the market opened on Thursday . The stock had previously closed at $19.78, but opened at $18.62. CleanSpark shares last traded at $18.83, with a volume of 10,272,012 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. BTIG Research upped their price target on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. Chardan Capital increased their price objective on shares of CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. increased their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Monday, April 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, CleanSpark has an average rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Stock Performance

The business’s 50-day moving average is $17.79 and its 200 day moving average is $11.31.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The business had revenue of $73.79 million for the quarter, compared to analyst estimates of $66.06 million. On average, analysts anticipate that CleanSpark, Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the sale, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the sale, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders have sold 1,169,620 shares of company stock worth $24,963,509 over the last ninety days. Corporate insiders own 3.46% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently made changes to their positions in the stock. Scotia Capital Inc. boosted its stake in shares of CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after purchasing an additional 1,500 shares in the last quarter. VitalStone Financial LLC raised its holdings in CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after buying an additional 1,930 shares during the last quarter. Amalgamated Bank raised its holdings in CleanSpark by 25.4% in the 4th quarter. Amalgamated Bank now owns 13,197 shares of the company’s stock valued at $146,000 after buying an additional 2,671 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in CleanSpark by 0.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 800,059 shares of the company’s stock valued at $3,048,000 after buying an additional 2,709 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in CleanSpark by 100.0% in the 4th quarter. Signaturefd LLC now owns 9,000 shares of the company’s stock valued at $99,000 after buying an additional 4,500 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.