CleanSpark (NASDAQ:CLSK) Shares Gap Down to $16.93

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down prior to trading on Wednesday . The stock had previously closed at $16.93, but opened at $16.54. CleanSpark shares last traded at $16.46, with a volume of 5,190,640 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CLSK shares. JPMorgan Chase & Co. lowered their target price on shares of CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, June 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, June 28th. BTIG Research upped their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Cantor Fitzgerald raised shares of CleanSpark to a “strong-buy” rating in a report on Wednesday, June 12th. Finally, Chardan Capital reissued a “buy” rating and set a $26.00 price objective on shares of CleanSpark in a report on Monday, May 13th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $19.97.

CleanSpark Trading Down 4.1 %

The business’s 50-day simple moving average is $17.08 and its 200-day simple moving average is $15.17.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a net margin of 22.41% and a negative return on equity of 6.30%. The company had revenue of $111.80 million for the quarter, compared to the consensus estimate of $111.11 million. Equities research analysts anticipate that CleanSpark, Inc. will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CLSK. Charles Schwab Investment Management Inc. lifted its position in CleanSpark by 273.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock valued at $4,715,000 after purchasing an additional 905,993 shares during the period. Stifel Financial Corp raised its position in shares of CleanSpark by 1.0% in the 3rd quarter. Stifel Financial Corp now owns 870,038 shares of the company’s stock valued at $3,315,000 after acquiring an additional 8,975 shares during the period. Sherbrooke Park Advisers LLC acquired a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $81,000. Scotia Capital Inc. acquired a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $39,000. Finally, VitalStone Financial LLC raised its position in shares of 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 acquiring an additional 8,050 shares during the period. 43.12% of the stock is currently 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.