CleanSpark (NASDAQ:CLSK) Shares Gap Up to $16.08

CleanSpark, Inc. (NASDAQ:CLSK) gapped up prior to trading on Thursday . The stock had previously closed at $16.08, but opened at $16.58. CleanSpark shares last traded at $16.53, with a volume of 4,203,379 shares traded.

Analyst Ratings Changes

CLSK has been the topic of several research analyst reports. Chardan Capital reaffirmed a “buy” rating and issued a $26.00 price objective on shares of CleanSpark in a research note on Monday, May 13th. BTIG Research raised their price objective on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday. JPMorgan Chase & Co. reduced their price objective on CleanSpark from $15.00 to $12.50 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. Finally, Cantor Fitzgerald raised CleanSpark to a “strong-buy” rating in a research note on Wednesday, June 12th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $19.97.

CleanSpark Stock Performance

The stock has a 50 day moving average price of $17.18 and a 200 day moving average price of $14.99.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. The firm had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. Sell-side analysts anticipate that CleanSpark, Inc. will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its stake in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after acquiring an additional 787 shares during the period. Tobam lifted its stake in shares of CleanSpark by 6.4% in the first quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after acquiring an additional 1,394 shares during the period. Scotia Capital Inc. lifted its stake in shares of CleanSpark by 14.5% in the fourth quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after acquiring an additional 1,500 shares during the period. American Capital Advisory LLC acquired a new position in shares of CleanSpark in the first quarter worth approximately $32,000. Finally, VitalStone Financial LLC lifted its stake in shares of CleanSpark by 21.7% in the fourth quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock worth $119,000 after acquiring an additional 1,930 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

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.