CleanSpark (NASDAQ:CLSK) Shares Gap Down to $13.48

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $13.48, but opened at $9.91. CleanSpark shares last traded at $11.44, with a volume of 5,752,668 shares changing hands.

Wall Street Analysts Forecast Growth

CLSK has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. HC Wainwright reissued a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, June 28th. Chardan Capital reaffirmed a “buy” rating and set a $26.00 price target on shares of CleanSpark in a research report on Monday, May 13th. Finally, Cantor Fitzgerald raised their price objective on CleanSpark from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.13.

CleanSpark Trading Up 4.2 %

The firm’s 50 day moving average is $16.57 and its two-hundred day moving average is $16.21.

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

Institutional Trading of CleanSpark

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of CleanSpark by 21.7% during the 3rd quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock worth $28,701,000 after acquiring an additional 1,345,135 shares in the last quarter. Arizona State Retirement System raised its stake in CleanSpark by 40.0% during the 4th quarter. Arizona State Retirement System now owns 42,671 shares of the company’s stock worth $471,000 after acquiring an additional 12,190 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings 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 worth $19,384,000 after purchasing an additional 957,372 shares during the last quarter. Vontobel Holding Ltd. increased its position in CleanSpark by 72.8% during the fourth quarter. Vontobel Holding Ltd. now owns 42,744 shares of the company’s stock worth $471,000 after buying an additional 18,011 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of CleanSpark by 73.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,884 shares of the company’s stock worth $396,000 after acquiring an additional 15,162 shares during the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.