CleanSpark (NASDAQ:CLSK) Shares Gap Down – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK) gapped down before the market opened on Monday . The stock had previously closed at $10.44, but opened at $9.63. CleanSpark shares last traded at $10.20, with a volume of 7,309,009 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CLSK shares. Macquarie increased their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, January 28th. Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $22.57.

CleanSpark Trading Down 0.7 %

The stock’s 50 day moving average price is $11.60 and its 200 day moving average price is $11.75. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of -17.87 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Monday, December 2nd. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.02). CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%. On average, research analysts expect that CleanSpark, Inc. will post 0.18 earnings per share for the current year.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sei Investments Co. increased its holdings in shares of CleanSpark by 7.0% during the 2nd quarter. Sei Investments Co. now owns 30,344 shares of the company’s stock worth $484,000 after acquiring an additional 1,987 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of CleanSpark by 20.0% in the second quarter. The Manufacturers Life Insurance Company now owns 127,865 shares of the company’s stock valued at $2,039,000 after purchasing an additional 21,326 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of CleanSpark in the second quarter valued at about $192,000. Cetera Investment Advisers raised its position in shares of CleanSpark by 84.8% in the second quarter. Cetera Investment Advisers now owns 124,992 shares of the company’s stock valued at $1,994,000 after purchasing an additional 57,354 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of CleanSpark during the 2nd quarter worth about $286,000. 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.