CleanSpark (NASDAQ:CLSK) Shares Gap Down - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) 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.

Analyst Upgrades and Downgrades

Several brokerages have commented on CLSK. JPMorgan Chase & Co. increased their target price on CleanSpark from $12.00 to $14.00 and gave the company an "overweight" rating in a research note on Friday. Chardan Capital initiated coverage on CleanSpark in a report on Wednesday, May 21st. They set a "buy" rating and a $20.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $21.00.

CleanSpark Trading Down 4.2%

The business's 50 day simple moving average is $8.80 and its two-hundred day simple moving average is $9.60. The firm has a market capitalization of $2.61 billion, a PE ratio of 84.55 and a beta of 4.23.

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

Insider Buying and Selling at CleanSpark

In related news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger Paul Beynon sold 50,000 shares of the firm's 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 completion of the transaction, the director now directly owns 125,511 shares in the company, valued at $1,319,120.61. This trade represents a 28.49% decrease in their position. The disclosure for this sale can be found here. 2.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently added to or reduced their stakes in CLSK. Prudential Financial Inc. raised its position in shares of CleanSpark by 9.1% during the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares during the period. Corebridge Financial Inc. increased its stake in CleanSpark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock worth $1,139,000 after buying an additional 1,507 shares in the last quarter. Wellington Management Group LLP raised its holdings in CleanSpark by 15.1% during the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock valued at $94,000 after acquiring an additional 1,834 shares during the period. Sigma Planning Corp lifted its position in shares of 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 acquiring an additional 1,865 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of 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 acquiring an additional 1,898 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company's stock.

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.