CleanSpark (NASDAQ:CLSK) Shares Gap Up to $16.19

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $16.19, but opened at $16.90. CleanSpark shares last traded at $17.29, with a volume of 7,615,360 shares traded.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CLSK. BTIG Research increased their price objective on CleanSpark from $12.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, March 19th. Cantor Fitzgerald increased their price objective on CleanSpark from $10.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $8.00 target price (down previously from $9.00) on shares of CleanSpark in a research note on Friday, December 8th. HC Wainwright reissued a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a research note on Wednesday, March 27th. Finally, TheStreet raised CleanSpark from a "d" rating to a "c-" rating in a research note on Friday, February 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.05.

CleanSpark Price Performance

The stock has a 50 day moving average of $16.13 and a 200 day moving average of $9.88.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.26. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. The firm had revenue of $73.79 million for the quarter, compared to analysts' expectations of $66.06 million. On average, equities analysts forecast that CleanSpark, Inc. will post -0.3 EPS for the current year.

Insider Activity

In related news, CEO Zachary Bradford sold 443,000 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares of the company's stock, valued at $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Zachary Bradford sold 443,000 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total value of $8,997,330.00. Following the sale, the chief executive officer now directly owns 2,795,863 shares of the company's stock, valued at $56,783,977.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman S. Matthew Schultz sold 322,400 shares of the firm's stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $20.95, for a total value of $6,754,280.00. Following the completion of the sale, the chairman now directly owns 2,698,768 shares in the company, valued at $56,539,189.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,169,620 shares of company stock valued at $24,963,509. 3.46% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Several large investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. lifted its holdings in CleanSpark by 60.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company's stock worth $25,000 after buying an additional 2,150 shares during the period. State of Wyoming purchased a new stake in CleanSpark in the second quarter worth about $27,000. Advisory Services Network LLC purchased a new stake in CleanSpark in the fourth quarter worth about $83,000. DekaBank Deutsche Girozentrale purchased a new stake in CleanSpark in the third quarter worth about $30,000. Finally, Lazard Asset Management LLC lifted its holdings in CleanSpark by 3,177.3% in the third quarter. Lazard Asset Management LLC now owns 7,931 shares of the company's stock worth $29,000 after buying an additional 7,689 shares during the period. 43.12% of the stock is owned by institutional investors.

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.