CleanSpark (NASDAQ:CLSK) Shares Gap Down – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $8.90, but opened at $8.43. CleanSpark shares last traded at $8.10, with a volume of 4,846,652 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Needham & Company LLC began coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. Macquarie upped their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.25.

CleanSpark Price Performance

The company has a market cap of $2.23 billion, a price-to-earnings ratio of 71.93 and a beta of 4.25. The business’s fifty day moving average price is $10.54 and its 200 day moving average price is $11.19.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, equities research analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,536 shares of company stock worth $265,748 over the last three months. 2.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently bought and sold shares of the stock. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark during the 4th quarter valued at about $31,000. GAMMA Investing LLC lifted its position in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after purchasing an additional 3,579 shares during the period. Hollencrest Capital Management boosted its stake in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after buying an additional 2,196 shares during the period. Finally, KBC Group NV raised its stake in CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares in the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.