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 trading hands.

Wall Street Analyst Weigh In

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

CleanSpark Price Performance

The stock’s 50-day moving average price is $17.18 and its 200 day moving average price is $14.99.

CleanSpark (NASDAQ:CLSK) last released 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 net margin of 22.41% and a negative return on equity of 6.30%. The company had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. On average, sell-side analysts forecast that CleanSpark, Inc. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its position in CleanSpark by 36.8% during 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 increased its position in CleanSpark by 6.4% during 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. increased its holdings in CleanSpark by 14.5% in the 4th quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock valued at $130,000 after buying an additional 1,500 shares during the period. American Capital Advisory LLC bought a new stake in CleanSpark in the 1st quarter valued at $32,000. Finally, VitalStone Financial LLC increased its holdings in CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after buying an additional 1,930 shares during the period. 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.