CleanSpark (NASDAQ:CLSK) Shares Gap Down – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $7.56, but opened at $7.29. CleanSpark shares last traded at $7.61, with a volume of 2,328,256 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CLSK shares. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Chardan Capital upgraded CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target for the company. Keefe, Bruyette & Woods started coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, CleanSpark has an average rating of “Buy” and a consensus price target of $21.57.

CleanSpark Stock Up 3.1 %

The stock has a market cap of $2.19 billion, a PE ratio of 70.72 and a beta of 4.20. The business has a 50 day moving average price of $9.16 and a 200 day moving average price of $10.70.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data 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%. On average, research analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity at CleanSpark

In other news, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the transaction, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,836 shares of company stock worth $335,945. 2.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Compagnie Lombard Odier SCmA purchased a new position in CleanSpark during the fourth quarter valued at $31,000. GAMMA Investing LLC lifted its stake in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after buying an additional 2,196 shares during the last quarter. KBC Group NV increased its stake in CleanSpark by 36.5% during the 4th quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after buying an additional 2,700 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of CleanSpark during the fourth quarter valued at approximately $101,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.