CleanSpark (NASDAQ:CLSK) Shares Gap Up to $10.09

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $10.09, but opened at $10.44. CleanSpark shares last traded at $10.16, with a volume of 5,442,819 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Tuesday, September 3rd. Macquarie started coverage on shares of CleanSpark in a research report on Wednesday. They set an “outperform” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note on Friday, August 23rd. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.11.

CleanSpark Price Performance

The business’s fifty day moving average is $11.73 and its two-hundred day moving average is $15.32.

CleanSpark (NASDAQ:CLSK) last posted its earnings results 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). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. As a group, research analysts predict that CleanSpark, Inc. will post -0.06 EPS for the current year.

Insider Transactions at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 24,922 shares of company stock worth $242,780. 3.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after acquiring an additional 4,706,738 shares during the last quarter. Millennium Management LLC lifted its stake in CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of CleanSpark during the second quarter valued at approximately $18,074,000. Van ECK Associates Corp grew its stake in shares of CleanSpark by 21.5% during the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company’s stock valued at $15,470,000 after buying an additional 171,627 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of CleanSpark by 32.8% during the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after buying an additional 215,124 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.