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

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down prior to trading 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.

Analysts Set New Price Targets

Several research firms recently weighed in on CLSK. JPMorgan Chase & Co. decreased their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Monday, August 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, CleanSpark currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.97.

CleanSpark Stock Performance

The stock’s 50 day moving average price is $13.49 and its 200-day moving average price is $16.03.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The company had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, sell-side analysts predict that CleanSpark, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. New York State Common Retirement Fund lifted its stake in CleanSpark by 54.8% in the fourth quarter. New York State Common Retirement Fund now owns 63,141 shares of the company’s stock worth $696,000 after acquiring an additional 22,340 shares during the period. Victory Capital Management Inc. boosted its stake in shares of CleanSpark by 50.5% during the fourth quarter. Victory Capital Management Inc. now owns 23,973 shares of the company’s stock valued at $264,000 after purchasing an additional 8,040 shares in the last quarter. Swiss National Bank increased its holdings in CleanSpark by 27.8% during the fourth quarter. Swiss National Bank now owns 300,800 shares of the company’s stock valued at $3,318,000 after buying an additional 65,400 shares during the period. Amalgamated Bank raised its stake in CleanSpark by 25.4% in the fourth quarter. Amalgamated Bank now owns 13,197 shares of the company’s stock worth $146,000 after buying an additional 2,671 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in CleanSpark by 11.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,379,611 shares of the company’s stock worth $15,217,000 after buying an additional 142,078 shares during the period. 43.12% of the stock is currently owned by hedge funds and other 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.