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

CleanSpark, Inc. (NASDAQ:CLSK) 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.

Analyst Upgrades and Downgrades

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

CleanSpark Price Performance

The stock has a 50-day moving average price of $12.70 and a two-hundred day moving average price of $15.64.

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

Insider Buying and Selling at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The stock was 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 approximately $1,266,342. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 26,272 shares of company stock worth $264,421. Insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Institutional investors and hedge funds have recently modified their holdings of the business. American Capital Advisory LLC purchased a new position in shares of CleanSpark in the 1st quarter valued at about $32,000. National Bank of Canada FI increased its stake in CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares in the last quarter. Russell Investments Group Ltd. increased its stake in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares in the last quarter. Hollencrest Capital Management purchased a new stake in CleanSpark during the 2nd quarter worth approximately $48,000. Finally, Banque Cantonale Vaudoise purchased a new stake in CleanSpark during the 1st quarter worth approximately $109,000. Hedge funds and other 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.