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

Key Points

• Cleanspark shares gapped up from a previous close of $14.50 to open at $15.08, and were last traded at $15.33 with a volume of over 5.4 million shares.
• Analysts have raised price targets for Cleanspark, with a consensus average target price of $20.36 and multiple "buy" ratings from investment firms.
• The company reported a significant quarterly growth, achieving $0.78 EPS and a 90.8% increase in revenue compared to the same quarter last year.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $14.50, but opened at $15.08. Cleanspark shares last traded at $15.33, with a volume of 5,476,274 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on CLSK shares. Macquarie raised their price objective on shares of Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Wall Street Zen raised shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. B. Riley boosted their price target on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, Chardan Capital reissued a "buy" rating and issued a $20.00 price target on shares of Cleanspark in a research report on Monday, September 8th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $20.36.

Cleanspark Trading Up 1.8%

The stock's fifty day moving average price is $10.93 and its 200 day moving average price is $9.88. The stock has a market cap of $4.15 billion, a P/E ratio of 17.53 and a beta of 3.65.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.71. The firm had revenue of $198.64 million for the quarter, compared to analyst estimates of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The business's revenue for the quarter was up 90.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.03) EPS. On average, analysts anticipate that Cleanspark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity

In other news, COO Taylor Monnig sold 63,713 shares of the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the sale, the chief operating officer owned 120,337 shares of the company's stock, valued at approximately $1,097,473.44. This represents a 34.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On Cleanspark

Institutional investors have recently added to or reduced their stakes in the company. CX Institutional purchased a new stake in Cleanspark during the 1st quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Cleanspark during the 2nd quarter valued at $29,000. Fifth Third Bancorp boosted its position in Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock valued at $32,000 after buying an additional 1,694 shares during the period. Strs Ohio purchased a new stake in Cleanspark during the 1st quarter valued at $38,000. Finally, Quarry LP purchased a new stake in Cleanspark during the 1st quarter valued at $47,000. Hedge funds and other institutional investors 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.

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