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

CleanSpark, Inc. (NASDAQ:CLSK) 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 changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CLSK shares. Cantor Fitzgerald raised their price objective on shares of CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. raised their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Monday, April 15th. Finally, BTIG Research raised their price target on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Price Performance

The company has a 50-day simple moving average of $17.72 and a two-hundred day simple moving average of $11.15.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.26. The firm had revenue of $73.79 million during the quarter, compared to the consensus estimate of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. On average, equities research analysts forecast that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at CleanSpark

In related news, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total transaction of $195,921.60. Following the completion of the transaction, the director now owns 141,381 shares in the company, valued at $2,523,650.85. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now owns 2,298,975 shares in the company, valued at $53,037,353.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total value of $195,921.60. Following the completion of the sale, the director now directly owns 141,381 shares in the company, valued at $2,523,650.85. The disclosure for this sale can be found here. Insiders sold a total of 1,169,620 shares of company stock worth $24,963,509 over the last quarter. 3.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of CleanSpark by 62.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after acquiring an additional 3,235,171 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of CleanSpark by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock worth $88,775,000 after acquiring an additional 515,314 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of CleanSpark by 119.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,757,431 shares of the company’s stock valued at $19,384,000 after buying an additional 957,372 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of CleanSpark by 11.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock valued at $15,217,000 after buying an additional 142,078 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of CleanSpark by 39.2% during the third quarter. Van ECK Associates Corp now owns 1,200,176 shares of the company’s stock valued at $4,573,000 after buying an additional 338,190 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other 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.