CleanSpark (NASDAQ:CLSK) Shares Gap Up Following Better-Than-Expected Earnings

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $10.38, but opened at $11.55. CleanSpark shares last traded at $11.93, with a volume of 24,868,344 shares trading hands.

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 net margin of 38.47% and a negative return on equity of 2.36%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CLSK. Macquarie upped their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Friday. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark has a consensus rating of “Buy” and a consensus target price of $22.57.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the business. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark during the 4th quarter valued at about $31,000. GAMMA Investing LLC boosted its holdings in shares of CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after purchasing an additional 3,579 shares during the last quarter. Hollencrest Capital Management grew its position in shares of CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. KBC Group NV increased its holdings in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

CleanSpark Price Performance

The stock has a 50 day simple moving average of $11.33 and a two-hundred day simple moving average of $11.64. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -19.53 and a beta of 4.24.

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.