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

CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Wednesday . The stock had previously closed at $12.37, but opened at $11.86. CleanSpark shares last traded at $11.91, with a volume of 5,074,972 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Macquarie began coverage on CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Trading Down 0.1 %

The stock’s fifty day moving average price is $10.22 and its 200-day moving average price is $14.09.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. Research analysts forecast that CleanSpark, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 26,272 shares of company stock valued at $250,003 over the last 90 days. 3.46% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of CLSK. Vanguard Group Inc. grew its holdings in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares in the last quarter. Van ECK Associates Corp increased its position in shares of CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after acquiring an additional 620,792 shares during the period. Millennium Management LLC increased its position in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after acquiring an additional 534,825 shares during the period. Marshall Wace LLP acquired a new stake in shares of CleanSpark in the second quarter valued at $18,074,000. Finally, Bank of New York Mellon Corp boosted its holdings in CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares during the period. 43.12% of the stock is 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.