CleanSpark (NASDAQ:CLSK) Shares Gap Up - Here's What Happened

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 changing hands.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Performance

The company has a 50-day moving average of $10.26 and a 200-day moving average of $11.10. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 70.82 and a beta of 4.24.

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

Insider Buying and Selling at CleanSpark

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

Institutional Investors Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC purchased a new position in shares of CleanSpark in the 3rd quarter valued at about $374,000. Kovitz Investment Group Partners LLC grew its position in CleanSpark by 85.8% during the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company's stock worth $1,727,000 after buying an additional 85,388 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock valued at $20,500,000 after buying an additional 208,862 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of CleanSpark during the 3rd quarter valued at approximately $1,960,000. Finally, Clarity Capital Partners LLC lifted its position in shares of CleanSpark by 100.8% during the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company's stock valued at $1,635,000 after acquiring an additional 87,891 shares during the period. Institutional investors and hedge funds 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.