CleanSpark (NASDAQ:CLSK) Shares Gap Up – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $7.99, but opened at $8.81. CleanSpark shares last traded at $8.28, with a volume of 11,710,986 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods started 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. Needham & Company LLC initiated coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $22.25.

CleanSpark Stock Up 10.2 %

The company’s fifty day moving average price is $10.15 and its two-hundred day moving average price is $11.04. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 77.73 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. On average, equities research analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,186 shares of company stock valued at $246,375 in the last three months. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Compagnie Lombard Odier SCmA acquired a new stake in CleanSpark in the fourth quarter valued at $31,000. GAMMA Investing LLC raised its holdings in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares during the period. Hollencrest Capital Management lifted its stake in 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 purchasing an additional 1,000 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after purchasing an additional 2,196 shares during the period. Finally, KBC Group NV increased its position in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.