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

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $10.11, but opened at $10.83. CleanSpark shares last traded at $10.13, with a volume of 14,642,345 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on CLSK shares. 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 target for the company. Chardan Capital started coverage on CleanSpark in a research note on Wednesday. They issued a "buy" rating and a $20.00 price target for the company. JPMorgan Chase & Co. lowered their price target on CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods started coverage on CleanSpark in a research note on Monday, January 27th. They issued an "outperform" rating and a $19.00 price target for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $20.71.

CleanSpark Stock Down 5.2%

The stock has a market cap of $2.63 billion, a P/E ratio of 85.10 and a beta of 4.36. The business has a 50-day simple moving average of $8.28 and a 200-day simple moving average of $10.16.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The business had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. During the same period in the prior year, the company posted $0.59 earnings per share. The firm's revenue was up 62.5% compared to the same quarter last year. On average, analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other news, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the transaction, the director now owns 125,511 shares in the company, valued at approximately $1,319,120.61. This represents a 28.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now directly owns 140,289 shares of the company's stock, valued at $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.65% of the company's stock.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in CleanSpark by 22.8% during the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after purchasing an additional 4,489,866 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in CleanSpark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock valued at $15,538,000 after buying an additional 1,536,145 shares in the last quarter. Jump Financial LLC acquired a new stake in CleanSpark in the 4th quarter valued at $13,443,000. Principal Financial Group Inc. grew its position in CleanSpark by 6,449.7% in the first quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock valued at $9,327,000 after acquiring an additional 1,366,752 shares during the period. Finally, Nuveen LLC acquired a new position in CleanSpark during the first quarter worth $8,109,000. 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.