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

CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Monday . The stock had previously closed at $7.97, but opened at $7.79. CleanSpark shares last traded at $7.72, with a volume of 1,894,302 shares trading hands.

Analysts Set New Price Targets

Several research firms recently weighed in on CLSK. Macquarie raised 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. Keefe, Bruyette & Woods began coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Needham & Company LLC initiated coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CleanSpark has a consensus rating of “Buy” and a consensus price target of $21.63.

CleanSpark Price Performance

The company has a market cap of $2.13 billion, a PE ratio of 69.01 and a beta of 4.20. The firm has a 50-day simple moving average of $9.75 and a two-hundred day simple moving average of $10.80.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity

In other news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was 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 of the company’s stock, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 23,186 shares of company stock valued at $246,375 over the last quarter. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in CleanSpark by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after acquiring an additional 495,367 shares during the last quarter. Geode Capital Management LLC boosted its holdings in CleanSpark by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after acquiring an additional 353,807 shares during the last quarter. State Street Corp boosted its holdings in CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after acquiring an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in CleanSpark in the fourth quarter valued at $39,940,000. Finally, Invesco Ltd. boosted its holdings in CleanSpark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after acquiring an additional 914,279 shares during the last quarter. 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.