CleanSpark (NASDAQ:CLSK) Shares Gap Down to $9.35

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.35, but opened at $9.00. CleanSpark shares last traded at $8.73, with a volume of 4,853,040 shares.

Analyst Ratings Changes

CLSK has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.97.

CleanSpark Stock Performance

The firm’s 50 day simple moving average is $13.35 and its 200-day simple moving average is $15.98.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). The business had revenue of $104.11 million for the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. Equities research analysts anticipate that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares in the company, valued at $1,266,342. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 26,272 shares of company stock worth $264,421 in the last 90 days. Company insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Swiss National Bank grew its holdings in shares of CleanSpark by 21.3% during the 1st quarter. Swiss National Bank now owns 364,800 shares of the company’s stock valued at $7,737,000 after acquiring an additional 64,000 shares in the last quarter. Vanguard Group Inc. grew its stake in CleanSpark by 6.8% in the fourth quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company’s stock valued at $88,775,000 after purchasing an additional 515,314 shares in the last quarter. Dimensional Fund Advisors LP increased its position in CleanSpark by 62.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,433,586 shares of the company’s stock worth $93,032,000 after purchasing an additional 3,235,171 shares during the last quarter. Beacon Pointe Advisors LLC purchased a new stake in shares of CleanSpark during the 4th quarter worth about $331,000. Finally, Comerica Bank acquired a new stake in shares of CleanSpark during the 1st quarter valued at about $1,894,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.