CleanSpark (NASDAQ:CLSK) Shares Gap Down to $19.78

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $19.78, but opened at $18.62. CleanSpark shares last traded at $18.83, with a volume of 10,272,012 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. BTIG Research lifted their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, March 19th. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a report on Monday, April 15th. JPMorgan Chase & Co. lifted their price objective on CleanSpark from $14.00 to $15.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 10th. TheStreet raised CleanSpark from a "d" rating to a "c-" rating in a research report on Friday, February 9th. Finally, Cantor Fitzgerald increased their price objective on CleanSpark from $10.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $19.22.

CleanSpark Stock Down 1.2 %

The business has a 50 day simple moving average of $17.76 and a 200-day simple moving average of $11.20.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The company had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. Equities analysts predict that CleanSpark, Inc. will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the business's stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total transaction of $549,286.92. Following the completion of the sale, the chief financial officer now owns 554,391 shares in the company, valued at approximately $11,603,403.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CleanSpark news, Director Roger Paul Beynon sold 10,976 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the transaction, the director now directly owns 141,381 shares of the company's stock, valued at $2,523,650.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $20.93, for a total value of $549,286.92. Following the completion of the sale, the chief financial officer now owns 554,391 shares of the company's stock, valued at approximately $11,603,403.63. The disclosure for this sale can be found here. Insiders sold 1,169,620 shares of company stock worth $24,963,509 over the last three months. 3.46% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. DekaBank Deutsche Girozentrale purchased a new stake in shares of CleanSpark during the third quarter valued at approximately $30,000. VitalStone Financial LLC boosted its position in CleanSpark by 952.7% in the 3rd quarter. VitalStone Financial LLC now owns 8,895 shares of the company's stock valued at $33,000 after buying an additional 8,050 shares during the last quarter. Tucker Asset Management LLC acquired a new stake in shares of CleanSpark during the third quarter valued at about $38,000. Scotia Capital Inc. acquired a new stake in shares of CleanSpark during the third quarter valued at about $39,000. Finally, Founders Financial Securities LLC purchased a new stake in shares of CleanSpark during the third quarter worth about $40,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.