CleanSpark (NASDAQ:CLSK) Shares Gap Down – What’s Next?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped down before the market opened on Tuesday . The stock had previously closed at $8.90, but opened at $8.43. CleanSpark shares last traded at $8.10, with a volume of 4,846,652 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CLSK. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. Needham & Company LLC began coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target on the stock. Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CleanSpark has a consensus rating of “Buy” and a consensus price target of $22.25.

CleanSpark Stock Performance

The stock has a market cap of $2.23 billion, a P/E ratio of 71.93 and a beta of 4.25. The business’s 50-day moving average price is $10.54 and its 200-day moving average price is $11.19.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities research analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity

In other news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares in the company, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,536 shares of company stock worth $265,748 in the last three months. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark during the 4th quarter valued at $31,000. GAMMA Investing LLC increased its position in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after acquiring an additional 3,579 shares during the last quarter. Hollencrest Capital Management raised its stake in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after acquiring an additional 2,196 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.