CleanSpark (NASDAQ:CLSK) Shares Gap Down – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Monday . The stock had previously closed at $10.44, but opened at $9.63. CleanSpark shares last traded at $10.20, with a volume of 7,309,009 shares changing hands.

Wall Street Analyst Weigh In

CLSK has been the topic of several recent research reports. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Macquarie raised their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $22.57.

CleanSpark Trading Down 0.7 %

The business has a 50-day moving average of $11.60 and a two-hundred day moving average of $11.75. The firm has a market cap of $2.91 billion, a P/E ratio of -17.87 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Monday, December 2nd. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). CleanSpark had a negative return on equity of 2.36% and a negative net margin of 38.47%. As a group, equities analysts expect that CleanSpark, Inc. will post 0.18 EPS for the current year.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLSK. Compagnie Lombard Odier SCmA bought a new stake in shares of CleanSpark in the fourth quarter worth $31,000. GAMMA Investing LLC lifted its holdings in CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after buying an additional 3,579 shares during the period. Hollencrest Capital Management grew its position in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. KBC Group NV increased its stake in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after buying an additional 2,190 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after acquiring an additional 1,345 shares during the last quarter. 43.12% of the stock is currently 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.