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

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down before the market opened on Monday . The stock had previously closed at $10.44, but opened at $9.63. CleanSpark shares last traded at $10.20, with a volume of 7,309,009 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CLSK shares. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, January 28th. Finally, Macquarie boosted their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark presently has a consensus rating of “Buy” and a consensus target price of $22.57.

CleanSpark Stock Up 2.4 %

The stock has a 50 day moving average price of $11.47 and a 200 day moving average price of $11.65.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. On average, sell-side analysts predict that CleanSpark, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. bought a new stake in shares of CleanSpark in the 4th quarter valued at about $39,940,000. Van ECK Associates Corp boosted its holdings in CleanSpark by 40.0% in the fourth quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock valued at $20,513,000 after acquiring an additional 636,511 shares during the last quarter. Geode Capital Management LLC increased its position in CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after purchasing an additional 549,187 shares during the period. Barclays PLC lifted its position in shares of CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares during the period. Finally, State Street Corp boosted its stake 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 valued at $56,730,000 after purchasing an additional 261,195 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.