CleanSpark (NASDAQ:CLSK) Shares Gap Up to $16.23

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped up before the market opened on Friday . The stock had previously closed at $16.23, but opened at $16.73. CleanSpark shares last traded at $16.90, with a volume of 6,352,683 shares changing hands.

Analyst Upgrades and Downgrades

CLSK has been the subject of several research reports. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Monday. Chardan Capital raised their price target on shares of CleanSpark from $13.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Cantor Fitzgerald raised their price target on shares of CleanSpark from $10.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. TheStreet upgraded shares of CleanSpark from a “d” rating to a “c-” rating in a report on Friday, February 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of CleanSpark from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CleanSpark currently has a consensus rating of “Moderate Buy” and an average target price of $19.22.

CleanSpark Stock Performance

The stock’s 50 day simple moving average is $17.34 and its two-hundred day simple moving average is $10.62.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.26. CleanSpark had a negative net margin of 38.09% and a negative return on equity of 16.25%. The firm had revenue of $73.79 million for the quarter, compared to the consensus estimate of $66.06 million. Equities analysts forecast that CleanSpark, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity

In other news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total value of $549,286.92. Following the completion of the sale, the chief financial officer now directly owns 554,391 shares of the company’s stock, valued at approximately $11,603,403.63. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Gary Anthony Vecchiarelli sold 26,244 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $20.93, for a total value of $549,286.92. Following the completion of the transaction, the chief financial officer now directly owns 554,391 shares in the company, valued at approximately $11,603,403.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman S. Matthew Schultz sold 367,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $23.07, for a total value of $8,466,690.00. Following the completion of the transaction, the chairman now owns 2,298,975 shares of the company’s stock, valued at $53,037,353.25. The disclosure for this sale can be found here. Insiders sold a total of 1,169,620 shares of company stock valued at $24,963,509 in the last ninety days. 3.46% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in CleanSpark by 21.7% in the third quarter. Vanguard Group Inc. now owns 7,533,197 shares of the company’s stock valued at $28,701,000 after acquiring an additional 1,345,135 shares during the last quarter. Swiss National Bank acquired a new position in CleanSpark in the third quarter valued at approximately $897,000. Versor Investments LP acquired a new position in CleanSpark in the third quarter valued at approximately $453,000. Scotia Capital Inc. acquired a new position in CleanSpark in the third quarter valued at approximately $39,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of CleanSpark by 273.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,237,533 shares of the company’s stock worth $4,715,000 after purchasing an additional 905,993 shares during the period. Institutional investors and hedge funds 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.