CleanSpark (NASDAQ:CLSK) Shares Gap Down to $16.93

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $16.93, but opened at $16.54. CleanSpark shares last traded at $16.46, with a volume of 5,190,640 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Chardan Capital reiterated a “buy” rating and set a $26.00 price objective on shares of CleanSpark in a research report on Monday, May 13th. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, June 28th. JPMorgan Chase & Co. cut their price objective on CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research report on Tuesday, June 4th. Cantor Fitzgerald increased their price objective on CleanSpark from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, BTIG Research increased their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.13.

CleanSpark Trading Down 4.6 %

The company has a fifty day moving average of $16.94 and a 200-day moving average of $15.18.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.07. The business had revenue of $111.80 million during the quarter, compared to analyst estimates 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 EPS for the current year.

Hedge Funds Weigh In On CleanSpark

Several hedge funds have recently bought and sold shares of CLSK. Scotia Capital Inc. acquired a new position in CleanSpark during the third quarter worth $39,000. VitalStone Financial LLC increased its position in CleanSpark by 952.7% during the third quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock worth $33,000 after buying an additional 8,050 shares during the last quarter. Tucker Asset Management LLC acquired a new position in CleanSpark during the third quarter worth $38,000. Vanguard Group Inc. increased its position in CleanSpark by 21.7% during the third quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock worth $28,701,000 after buying an additional 1,345,135 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of CleanSpark by 22.6% in the fourth quarter. SG Americas Securities LLC now owns 53,618 shares of the company’s stock valued at $591,000 after purchasing an additional 9,884 shares during the last quarter. 43.12% of the stock is 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.