CleanSpark (NASDAQ:CLSK) Shares Gap Up to $8.84

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $8.84, but opened at $9.48. CleanSpark shares last traded at $9.26, with a volume of 4,806,189 shares traded.

Analyst Ratings Changes

CLSK has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a report on Tuesday, September 3rd. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. dropped their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.97.

CleanSpark Stock Performance

The company has a 50-day moving average of $12.45 and a 200 day moving average of $15.54.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The company had revenue of $104.11 million for the quarter, compared to analyst estimates of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. As a group, analysts predict that CleanSpark, Inc. will post -0.06 EPS for the current fiscal year.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares in the company, valued at $1,266,342. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 26,272 shares of company stock valued at $264,421. 3.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Capital Advisory LLC acquired a new stake in shares of CleanSpark in the first quarter valued at about $32,000. National Bank of Canada FI lifted its position in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares during the last quarter. Hollencrest Capital Management purchased a new position in CleanSpark in the 2nd quarter worth about $48,000. Russell Investments Group Ltd. raised its holdings in shares of CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of CleanSpark in the first quarter valued at $109,000. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.