CleanSpark (NASDAQ:CLSK) Shares Gap Up - Should You Buy?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price 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 changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CLSK shares. Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research note on Monday, January 27th. They set an "outperform" rating and a $19.00 price objective for the company. JPMorgan Chase & Co. upgraded shares of CleanSpark from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. HC Wainwright reiterated a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Finally, Macquarie boosted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $22.25.

CleanSpark Price Performance

The business's 50-day moving average price is $10.04 and its 200 day moving average price is $10.98. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 80.28 and a beta of 4.20.

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CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. As a group, sell-side analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Transactions at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now directly owns 3,059,326 shares of the company's stock, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares in the company, valued at $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,186 shares of company stock valued at $246,375. Corporate insiders own 2.65% of the company's stock.

Institutional Trading of CleanSpark

Several institutional investors have recently added to or reduced their stakes in CLSK. Assenagon Asset Management S.A. acquired a new stake in CleanSpark in the fourth quarter valued at $39,940,000. Price T Rowe Associates Inc. MD raised its holdings in shares of CleanSpark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock worth $15,538,000 after purchasing an additional 1,536,145 shares during the period. Jump Financial LLC acquired a new stake in shares of CleanSpark during the fourth quarter worth $13,443,000. Shaolin Capital Management LLC acquired a new stake in shares of CleanSpark during the fourth quarter worth $8,559,000. Finally, Invesco Ltd. raised its holdings in shares of CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock worth $27,486,000 after purchasing an additional 914,279 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

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.