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.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Macquarie started coverage on shares of CleanSpark in a report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target 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. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, CleanSpark currently has a consensus rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Trading Down 0.1 %

The business’s 50-day moving average is $10.22 and its 200-day moving average is $14.09.

CleanSpark (NASDAQ:CLSK) last issued 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 company had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. Equities analysts anticipate that CleanSpark, Inc. will post -0.06 EPS for the current fiscal year.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 26,272 shares of company stock valued at $250,003 in the last three months. 3.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently bought and sold shares of CLSK. Swiss National Bank raised its stake in shares of CleanSpark by 21.3% during the 1st quarter. Swiss National Bank now owns 364,800 shares of the company’s stock worth $7,737,000 after buying an additional 64,000 shares during the period. SRN Advisors LLC increased its holdings in CleanSpark by 65.3% in the 3rd quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after acquiring an additional 103,283 shares in the last quarter. Vanguard Group Inc. raised its position in CleanSpark by 6.8% during the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after acquiring an additional 515,314 shares during the period. Millennium Management LLC lifted its holdings in CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Finally, Granite Bay Wealth Management LLC acquired a new stake in shares of CleanSpark in the second quarter valued at about $1,563,000. 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.