CleanSpark (NASDAQ:CLSK) Shares Gap Up - Still a Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $7.99, but opened at $8.81. CleanSpark shares last traded at $8.28, with a volume of 11,710,986 shares traded.

Analysts Set New Price Targets

CLSK has been the subject of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an "outperform" rating and a $19.00 target price on the stock. Needham & Company LLC began coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They set a "buy" rating and a $20.00 target price on the stock. Macquarie raised their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $22.25.

CleanSpark Price Performance

The company has a market capitalization of $2.48 billion, a PE ratio of 80.28 and a beta of 4.20. The company's fifty day moving average is $10.04 and its 200-day moving average is $10.98.

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CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity at CleanSpark

In other CleanSpark news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the transaction, the chairman now directly owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,186 shares of company stock valued at $246,375 over the last ninety days. 2.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

Institutional investors and hedge funds have recently bought and sold shares of the company. Compagnie Lombard Odier SCmA acquired a new stake in shares of CleanSpark during the fourth quarter worth $31,000. GAMMA Investing LLC lifted its stake in shares of CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock worth $36,000 after buying an additional 3,579 shares during the period. Hollencrest Capital Management lifted its stake in shares of CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $37,000 after buying an additional 1,000 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of CleanSpark by 60.0% during the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after buying an additional 2,196 shares during the period. Finally, KBC Group NV lifted its stake in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after buying an additional 2,190 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.