CleanSpark (NASDAQ:CLSK) Shares Gap Down - Time to Sell?

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) 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 changing hands.

Analyst Upgrades and Downgrades

CLSK has been the topic of a number of analyst reports. Macquarie boosted their price target on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods began coverage on CleanSpark in a research note on Monday, January 27th. They issued an "outperform" rating and a $19.00 target price on the stock. HC Wainwright restated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Seven 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 price target of $22.57.

CleanSpark Stock Up 0.7 %

The business has a fifty day moving average price of $11.40 and a 200-day moving average price of $11.64. The stock has a market capitalization of $2.91 billion, a P/E ratio of -17.90 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. On average, equities analysts expect that CleanSpark, Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of CleanSpark

A number of hedge funds have recently bought and sold shares of CLSK. Assenagon Asset Management S.A. bought a new stake in shares of CleanSpark during the 4th quarter valued at about $39,940,000. Van ECK Associates Corp boosted its holdings in shares of CleanSpark by 40.0% in the fourth quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company's stock worth $20,513,000 after buying an additional 636,511 shares during the last quarter. Geode Capital Management LLC grew its position in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company's stock valued at $57,577,000 after buying an additional 549,187 shares during the period. Barclays PLC increased its holdings in CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company's stock valued at $3,634,000 after buying an additional 305,316 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in CleanSpark by 12.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,464,861 shares of the company's stock worth $22,701,000 after acquiring an additional 270,026 shares during the period. 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.