Cleanspark (NASDAQ:CLSK) Shares Gap Up - What's Next?

Key Points

• Cleanspark shares experienced a significant gap up, opening at $21.23 after closing at $19.52, with a trading volume of over 10 million shares.
• Analysts have set a new price target range for Cleanspark, with revisions from firms such as Chardan Capital raising it to $30.00 and B. Riley to $25.00, while a consensus rating indicates a "Moderate Buy".
• The company reported strong quarterly earnings, with a net revenue of $198.64 million, marking a 90.8% year-over-year increase and significantly surpassing earnings per share estimates.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $19.52, but opened at $21.23. Cleanspark shares last traded at $21.07, with a volume of 10,996,583 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Chardan Capital raised their price target on Cleanspark from $20.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, October 13th. B. Riley boosted their target price on shares of Cleanspark from $17.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $14.00 price target (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Macquarie boosted their price objective on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.83.

Cleanspark Trading Up 5.5%

The company has a market cap of $5.79 billion, a PE ratio of 24.29 and a beta of 3.88. The firm's fifty day moving average is $12.87 and its 200 day moving average is $10.89.

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

Insider Buying and Selling

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

Institutional Trading of Cleanspark

A number of hedge funds have recently bought and sold shares of the business. HM Payson & Co. purchased a new position in Cleanspark in the 3rd quarter worth approximately $257,000. Vontobel Holding Ltd. raised its holdings in shares of Cleanspark by 1.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 72,191 shares of the company's stock worth $1,047,000 after acquiring an additional 1,236 shares during the period. Exchange Traded Concepts LLC raised its stake in Cleanspark by 35.8% during the third quarter. Exchange Traded Concepts LLC now owns 1,417,107 shares of the company's stock worth $20,548,000 after purchasing an additional 373,259 shares during the period. Matauro LLC grew its stake in shares of Cleanspark by 24.3% in the 3rd quarter. Matauro LLC now owns 142,340 shares of the company's stock valued at $2,064,000 after buying an additional 27,829 shares during the period. Finally, Voya Investment Management LLC raised its position in shares of Cleanspark by 119.6% during the 3rd quarter. Voya Investment Management LLC now owns 331,208 shares of the company's stock valued at $4,803,000 after buying an additional 180,371 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.

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