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

Key Points

• Cleanspark's stock gapped down from a previous close of $13.68 to an opening price of $13.11, last trading at $12.50 with significant trading volume of 14 million shares.
• Analysts have varied opinions on Cleanspark, with Macquarie and Cantor Fitzgerald raising their price targets to $20.00 and $26.00 respectively, while Wall Street Zen upgraded the stock from "sell" to "hold."
• Despite its recent stock dip, Cleanspark reported a strong earnings performance with $0.78 EPS exceeding estimates and a 90.8% revenue increase from the previous year.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $13.68, but opened at $13.11. Cleanspark shares last traded at $12.50, with a volume of 14,087,598 shares traded.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Macquarie boosted their price objective on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Cantor Fitzgerald boosted their price objective on Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Chardan Capital reissued a "buy" rating and issued a $20.00 price objective on shares of Cleanspark in a report on Monday, September 8th. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, BTIG Research reissued a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Cleanspark currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.36.

Cleanspark Price Performance

The company has a market capitalization of $3.70 billion, a P/E ratio of 15.47 and a beta of 3.65. The company has a fifty day moving average price of $10.84 and a 200 day moving average price of $9.74.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.78 EPS 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 for the quarter, compared to analysts' expectations of $191.33 million. During the same period last year, the firm earned ($1.03) EPS. The firm's revenue was up 90.8% compared to the same quarter last year. On average, equities research analysts predict that Cleanspark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the 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 completion of the transaction, the chief operating officer directly owned 120,337 shares of the company's stock, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cresset Asset Management LLC lifted its holdings in shares of Cleanspark by 4.9% in the second quarter. Cresset Asset Management LLC now owns 26,924 shares of the company's stock valued at $297,000 after purchasing an additional 1,248 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock worth $32,000 after acquiring an additional 1,694 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Cleanspark by 15.1% in the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company's stock worth $94,000 after acquiring an additional 1,834 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Cleanspark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company's stock worth $147,000 after acquiring an additional 1,898 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its stake in shares of Cleanspark by 2.4% in the first quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company's stock worth $568,000 after acquiring an additional 2,014 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.

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