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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Monday . The stock had previously closed at $7.97, but opened at $7.79. CleanSpark shares last traded at $7.72, with a volume of 1,894,302 shares.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Needham & Company LLC assumed coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company. Macquarie upped their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark presently has an average rating of “Buy” and an average target price of $21.63.

CleanSpark Stock Performance

The company has a fifty day moving average of $9.88 and a two-hundred day moving average of $10.84. The company has a market cap of $2.21 billion, a PE ratio of 71.18 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share 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%. On average, equities analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Transactions at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were 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 directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the 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 transaction, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. Assenagon Asset Management S.A. bought a new stake in CleanSpark during the 4th quarter valued at $39,940,000. Price T Rowe Associates Inc. MD boosted its position in CleanSpark by 1,018.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock valued at $15,538,000 after acquiring an additional 1,536,145 shares in the last quarter. Jump Financial LLC bought a new stake in CleanSpark during the 4th quarter valued at $13,443,000. Shaolin Capital Management LLC bought a new stake in CleanSpark during the 4th quarter valued at $8,559,000. Finally, Invesco Ltd. boosted its position in CleanSpark by 44.2% during the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after acquiring an additional 914,279 shares in the last quarter. Institutional investors own 43.12% of the company’s stock.

About CleanSpark

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.