CleanSpark (NASDAQ:CLSK) Shares Gap Up to $16.23

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped up prior to trading on Friday . The stock had previously closed at $16.23, but opened at $16.73. CleanSpark shares last traded at $16.90, with a volume of 6,352,683 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Monday. Chardan Capital raised their price target on shares of CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. raised their price target 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. Finally, BTIG Research increased their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.22.

CleanSpark Price Performance

The business’s fifty day moving average price is $17.34 and its two-hundred day moving average price is $10.62.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The business had revenue of $73.79 million for the quarter, compared to analysts’ expectations of $66.06 million. On average, sell-side analysts predict that CleanSpark, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CleanSpark news, Chairman S. Matthew Schultz sold 367,000 shares of the firm’s 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 transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at approximately $53,037,353.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, 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 completion of the transaction, the chief executive officer now directly owns 2,795,863 shares of the company’s stock, valued at approximately $56,783,977.53. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of CleanSpark 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 transaction, the chairman now directly owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of 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 in the last quarter. Swiss National Bank purchased a new position in CleanSpark during the third quarter worth about $897,000. Versor Investments LP purchased a new position in CleanSpark during the third quarter worth about $453,000. Scotia Capital Inc. purchased a new position in CleanSpark during the third quarter worth about $39,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in CleanSpark by 273.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after buying an additional 905,993 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.