CleanSpark (NASDAQ:CLSK) Shares Gap Down to $15.55

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down prior to trading on Tuesday . The stock had previously closed at $15.55, but opened at $15.16. CleanSpark shares last traded at $15.56, with a volume of 3,561,893 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. TheStreet raised CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. JPMorgan Chase & Co. increased their price objective on shares of CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Chardan Capital restated a “buy” rating and set a $26.00 target price on shares of CleanSpark in a research report on Monday. HC Wainwright reiterated a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Friday. Finally, BTIG Research boosted their price objective on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.22.

CleanSpark Trading Down 1.0 %

The firm’s fifty day simple moving average is $17.52 and its two-hundred day simple moving average is $12.37.

Insider Activity at CleanSpark

In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction on 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 in the company, valued at approximately $53,037,353.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total transaction of $8,466,690.00. Following the completion of the sale, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Zachary Bradford sold 443,000 shares of CleanSpark stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the sale, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,169,620 shares of company stock worth $24,963,509. 3.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale bought a new position in CleanSpark during the third quarter valued at approximately $30,000. American Capital Advisory LLC bought a new position in shares of CleanSpark during the 1st quarter valued at approximately $32,000. VitalStone Financial LLC grew its holdings in shares of CleanSpark by 952.7% in the third quarter. VitalStone Financial LLC now owns 8,895 shares of the company’s stock valued at $33,000 after purchasing an additional 8,050 shares in the last quarter. Tucker Asset Management LLC bought a new stake in CleanSpark in the third quarter worth $38,000. Finally, Scotia Capital Inc. purchased a new stake in CleanSpark during the third quarter valued at $39,000. Institutional investors own 43.12% of the company’s stock.

CleanSpark Company Profile

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.