CleanSpark (NASDAQ:CLSK) Shares Gap Down – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down before the market opened on Monday . The stock had previously closed at $7.97, but opened at $7.79. CleanSpark shares last traded at $7.72, with a volume of 1,894,302 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a research note on Monday, January 27th. They set an “outperform” rating and a $19.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Needham & Company LLC assumed coverage on CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective on the stock. Macquarie boosted their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.63.

CleanSpark Stock Down 6.5 %

The company has a 50 day moving average of $9.75 and a 200 day moving average of $10.80. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 69.01 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities research analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,186 shares of company stock valued at $246,375 over the last three months. 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 CLSK. FMR LLC grew its holdings in shares of CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company’s stock valued at $231,000 after purchasing an additional 1,170 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of CleanSpark by 9.1% during the fourth 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 last quarter. Corebridge Financial Inc. grew its holdings in shares of CleanSpark by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after purchasing an additional 1,507 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of CleanSpark by 2.6% during the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after purchasing an additional 1,709 shares during the last quarter. Finally, Sigma Planning Corp grew its holdings in shares of CleanSpark by 11.9% during the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after purchasing an additional 1,865 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.