CleanSpark (NASDAQ:CLSK) Shares Gap Down to $21.21

CleanSpark, Inc. (NASDAQ:CLSKGet Free Report) gapped down prior to trading on Monday . The stock had previously closed at $21.21, but opened at $19.49. CleanSpark shares last traded at $20.15, with a volume of 7,486,679 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CLSK. Chardan Capital lifted their target price on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, March 4th. TheStreet upgraded CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. HC Wainwright restated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, March 27th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $8.00 price target (down from $9.00) on shares of CleanSpark in a report on Friday, December 8th. Finally, Cantor Fitzgerald boosted their price target on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.05.

Read Our Latest Report on CleanSpark

CleanSpark Trading Down 9.4 %

The firm has a fifty day moving average of $15.77 and a 200-day moving average of $9.80.

CleanSpark (NASDAQ:CLSKGet Free Report) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. The firm had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. On average, analysts expect that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the transaction, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman S. Matthew Schultz sold 322,400 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $20.95, for a total transaction of $6,754,280.00. Following the sale, the chairman now owns 2,698,768 shares of the company’s stock, valued at $56,539,189.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the sale, the director now owns 141,381 shares of the company’s stock, valued at $2,523,650.85. The disclosure for this sale can be found here. Insiders have sold a total of 1,169,620 shares of company stock valued at $24,963,509 over the last 90 days. 3.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Swiss National Bank bought a new position in shares of CleanSpark in the 3rd quarter valued at $897,000. Versor Investments LP bought a new position in shares of CleanSpark in the 3rd quarter valued at $453,000. Scotia Capital Inc. bought a new position in shares of CleanSpark in the 3rd quarter valued at $39,000. Charles Schwab Investment Management Inc. lifted its stake in shares of CleanSpark by 273.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after acquiring an additional 905,993 shares during the last quarter. Finally, Algert Global LLC bought a new position in shares of CleanSpark in the 3rd quarter valued at $325,000. 43.12% of the stock is currently owned by institutional investors.

CleanSpark Company Profile

(Get Free Report)

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.

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