CleanSpark (NASDAQ:CLSK) Shares Gap Up – Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on CLSK shares. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target on the stock. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Needham & Company LLC began coverage on CleanSpark in a research note on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Finally, Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark presently has a consensus rating of “Buy” and a consensus target price of $22.25.

CleanSpark Price Performance

The stock has a 50-day moving average of $10.15 and a 200-day moving average of $11.04. The firm 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 released its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. On average, equities analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,186 shares of company stock valued at $246,375 in the last ninety days. 2.65% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in CleanSpark by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after acquiring an additional 495,367 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after purchasing an additional 353,807 shares during the last quarter. State Street Corp increased its position in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after purchasing an additional 261,195 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in CleanSpark in the 4th quarter valued at approximately $39,940,000. Finally, Invesco Ltd. lifted its stake in CleanSpark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after purchasing an additional 914,279 shares during the last quarter. 43.12% of the stock is currently 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.