CleanSpark (NASDAQ:CLSK) Shares Gap Down to $19.78

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $19.78, but opened at $18.62. CleanSpark shares last traded at $18.83, with a volume of 10,272,012 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CLSK. Chardan Capital upped their target price on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a report on Monday, March 4th. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Monday, April 15th. BTIG Research upped their target price on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. JPMorgan Chase & Co. upped their target price on CleanSpark from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Finally, Cantor Fitzgerald upped their target price on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.22.

CleanSpark Trading Down 1.6 %

The firm has a 50-day simple moving average of $17.79 and a 200 day simple moving average of $11.31.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.26. The business had revenue of $73.79 million during the quarter, compared to analyst estimates of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. As a group, equities research analysts forecast that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Transactions at CleanSpark

In other news, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of CleanSpark stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total value of $549,286.92. Following the completion of the sale, the chief financial officer now directly owns 554,391 shares in the company, valued at approximately $11,603,403.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the sale, the chairman now owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders sold a total of 1,169,620 shares of company stock valued at $24,963,509 in the last quarter. 3.46% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

Large investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale bought a new stake in CleanSpark in the 3rd quarter worth about $30,000. VitalStone Financial LLC increased its holdings in CleanSpark by 952.7% in the 3rd quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock worth $33,000 after buying an additional 8,050 shares in the last quarter. Tucker Asset Management LLC bought a new stake in CleanSpark in the 3rd quarter worth about $38,000. Scotia Capital Inc. bought a new stake in CleanSpark in the 3rd quarter worth about $39,000. Finally, Amalgamated Bank grew its stake in shares of CleanSpark by 70.9% during the 3rd quarter. Amalgamated Bank now owns 10,526 shares of the company’s stock valued at $40,000 after purchasing an additional 4,367 shares during the period. 43.12% of the stock is currently owned by institutional investors.

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.