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

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $11.39, but opened at $11.96. CleanSpark shares last traded at $12.18, with a volume of 7,073,679 shares.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CLSK. HC Wainwright reissued a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. Cantor Fitzgerald reissued an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. lowered 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, Macquarie assumed coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They set an "outperform" rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.11.

CleanSpark Trading Up 10.2 %

The firm's fifty day simple moving average is $10.19 and its 200-day simple moving average is $14.13.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced 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). The firm had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. On average, sell-side analysts forecast that CleanSpark, Inc. will post -0.06 earnings per share for the current year.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director now owns 137,050 shares of the company's stock, valued at $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 26,272 shares of company stock valued at $250,003 in the last ninety days. 3.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently bought and sold shares of CLSK. Vima LLC raised its holdings in shares of CleanSpark by 244.6% during the third quarter. Vima LLC now owns 69,475 shares of the company's stock valued at $649,000 after purchasing an additional 49,314 shares during the period. SRN Advisors LLC raised its stake in CleanSpark by 65.3% during the 3rd quarter. SRN Advisors LLC now owns 261,427 shares of the company's stock worth $2,442,000 after buying an additional 103,283 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after acquiring an additional 1,345 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in CleanSpark by 27.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 20,879 shares of the company's stock valued at $195,000 after acquiring an additional 4,484 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of CleanSpark by 50.0% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 300,000 shares of the company's stock valued at $2,802,000 after acquiring an additional 100,000 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.