CleanSpark (NASDAQ:CLSK) Shares Gap Down to $19.24

CleanSpark, Inc. (NASDAQ:CLSKGet Free Report)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $19.24, but opened at $18.69. CleanSpark shares last traded at $18.62, with a volume of 1,626,847 shares.

Analyst Ratings Changes

A number of brokerages recently commented on CLSK. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, May 10th. JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. BTIG Research upped their price target on CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Chardan Capital reaffirmed a “buy” rating and set a $26.00 price target on shares of CleanSpark in a research report on Monday, May 13th. Finally, Cantor Fitzgerald raised CleanSpark to a “strong-buy” rating in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $19.97.

View Our Latest Analysis on CLSK

CleanSpark Trading Down 1.6 %

The business’s fifty day moving average price is $16.82 and its two-hundred day moving average price is $14.55.

CleanSpark (NASDAQ:CLSKGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The firm had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. As a group, analysts predict that CleanSpark, Inc. will post -0.09 EPS for the current fiscal year.

Insider Activity

In other news, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the sale, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other CleanSpark news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at $56,783,977.53. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the completion of the sale, the chairman now directly 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 811,350 shares of company stock valued at $17,486,498 over the last ninety days. 3.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

Several hedge funds have recently modified their holdings of the company. SRN Advisors LLC purchased a new stake in shares of CleanSpark during the 1st quarter worth about $1,405,000. Cetera Advisors LLC boosted its stake in shares of CleanSpark by 73.4% during the 1st quarter. Cetera Advisors LLC now owns 19,892 shares of the company’s stock worth $422,000 after acquiring an additional 8,417 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of CleanSpark during the 1st quarter worth about $237,000. Comerica Bank purchased a new stake in shares of CleanSpark during the 1st quarter worth about $1,894,000. Finally, California State Teachers Retirement System boosted its stake in shares of CleanSpark by 15.7% during the 1st quarter. California State Teachers Retirement System now owns 185,781 shares of the company’s stock worth $3,940,000 after acquiring an additional 25,145 shares in the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

CleanSpark Company Profile

(Get Free Report)

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.

Further Reading

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