CleanSpark (NASDAQ:CLSK) Shares Gap Down - Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $9.97, but opened at $9.65. CleanSpark shares last traded at $9.62, with a volume of 2,990,400 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CLSK. Needham & Company LLC began coverage on CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price target on the stock. Chardan Capital began coverage on CleanSpark in a report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price target on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark currently has a consensus rating of "Buy" and a consensus target price of $20.71.

CleanSpark Stock Performance

The company has a market capitalization of $2.73 billion, a PE ratio of 88.28 and a beta of 4.23. The stock's fifty day simple moving average is $8.75 and its 200-day simple moving average is $9.69.

CleanSpark (NASDAQ:CLSK - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million during the quarter, compared to analysts' expectations of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. CleanSpark's revenue for the quarter was up 62.5% on a year-over-year basis. During the same quarter last year, the company posted $0.59 earnings per share. On average, equities analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity at CleanSpark

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the transaction, the director now directly owns 140,289 shares of the company's stock, valued at $1,118,103.33. This trade represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of CleanSpark stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the sale, the director now directly owns 125,511 shares in the company, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.65% of the stock is owned by insiders.

Institutional Trading of CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. increased its holdings in CleanSpark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after buying an additional 1,405 shares during the last quarter. Corebridge Financial Inc. increased its holdings in CleanSpark by 1.2% in the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock valued at $1,139,000 after buying an additional 1,507 shares during the last quarter. Wellington Management Group LLP increased its holdings in CleanSpark by 15.1% in the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock valued at $94,000 after buying an additional 1,834 shares during the last quarter. Sigma Planning Corp increased its holdings in CleanSpark by 11.9% in the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock valued at $161,000 after buying an additional 1,865 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in CleanSpark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock valued at $147,000 after buying an additional 1,898 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.