Cleanspark (NASDAQ:CLSK) Shares Gap Down - Here's What Happened

Key Points

• Cleanspark, Inc. shares gapped down from $19.99 to $18.61 prior to trading on Friday, with a last traded price of $18.77 and trading volume of over 12 million shares.
• Research analysts have a consensus rating of "Moderate Buy" for Cleanspark, with target prices ranging from $14.00 to $26.00.
• The company's recent earnings report showed a significant increase in revenue, with a net margin of 47.98% and earnings per share of $0.78, beating expectations by $0.71.

Shares of Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $19.99, but opened at $18.61. Cleanspark shares last traded at $18.77, with a volume of 12,432,086 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Cantor Fitzgerald raised their target price on Cleanspark from $23.00 to $24.00 and gave the stock an "overweight" rating in a research note on Monday, October 6th. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cleanspark in a report on Wednesday, October 8th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $14.00 price objective (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Finally, BTIG Research boosted their target price on Cleanspark from $22.00 to $26.00 and gave the company a "buy" rating in a research note on Monday. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $22.83.

Cleanspark Trading Down 1.5%

The company has a market cap of $5.54 billion, a price-to-earnings ratio of 23.22 and a beta of 3.88. The stock has a 50-day simple moving average of $12.68 and a 200 day simple moving average of $10.76.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.71. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The firm had revenue of $198.64 million during the quarter, compared to analyst estimates of $191.33 million. During the same quarter in the previous year, the business earned ($1.03) EPS. Cleanspark's revenue for the quarter was up 90.8% compared to the same quarter last year. As a group, research analysts forecast that Cleanspark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at $1,097,473.44. This represents a 34.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after acquiring an additional 4,489,866 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cleanspark by 1.4% during the second quarter. Geode Capital Management LLC now owns 7,536,772 shares of the company's stock worth $83,139,000 after buying an additional 101,401 shares during the last quarter. Invesco Ltd. boosted its holdings in Cleanspark by 2.1% in the 2nd quarter. Invesco Ltd. now owns 3,672,324 shares of the company's stock valued at $40,506,000 after purchasing an additional 74,922 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Cleanspark by 26.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,117,672 shares of the company's stock valued at $20,951,000 after purchasing an additional 652,811 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Cleanspark by 16.0% in the 1st quarter. Northern Trust Corp now owns 2,807,078 shares of the company's stock valued at $18,864,000 after purchasing an additional 388,021 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.

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