CleanSpark (NASDAQ:CLSK) Shares Gap Up to $16.23

CleanSpark, Inc. (NASDAQ:CLSK) gapped up prior to trading on Friday . The stock had previously closed at $16.23, but opened at $16.73. CleanSpark shares last traded at $16.90, with a volume of 6,352,683 shares changing hands.

Analysts Set New Price Targets

CLSK has been the subject of a number of recent research reports. Chardan Capital increased their price objective on CleanSpark from $13.00 to $26.00 and gave the company a “buy” rating in a report on Monday, March 4th. Cantor Fitzgerald increased their price objective on CleanSpark from $10.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Monday, April 15th. BTIG Research upped their price target on shares of CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, TheStreet raised shares of CleanSpark from a “d” rating to a “c-” rating in a research report on Friday, February 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.22.

CleanSpark Trading Up 6.0 %

The stock’s 50-day simple moving average is $17.52 and its 200 day simple moving average is $10.75.

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

Insider Transactions at CleanSpark

In other news, Director Roger Paul Beynon sold 10,976 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the transaction, the director now owns 141,381 shares of the company’s stock, valued at approximately $2,523,650.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Zachary Bradford sold 443,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were 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 owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Paul Beynon sold 10,976 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $17.85, for a total transaction of $195,921.60. Following the completion of the sale, the director now owns 141,381 shares in the company, valued at approximately $2,523,650.85. The disclosure for this sale can be found here. Insiders have sold 1,169,620 shares of company stock valued at $24,963,509 in the last 90 days. 3.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in CLSK. Ameritas Investment Partners Inc. raised its holdings in shares of CleanSpark by 60.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company’s stock worth $25,000 after acquiring an additional 2,150 shares during the last quarter. Barclays PLC raised its holdings in shares of CleanSpark by 533.2% in the 4th quarter. Barclays PLC now owns 12,253 shares of the company’s stock worth $25,000 after acquiring an additional 10,318 shares during the last quarter. State of Wyoming acquired a new stake in shares of CleanSpark in the 2nd quarter worth about $27,000. Lazard Asset Management LLC raised its holdings in shares of CleanSpark by 3,177.3% in the 3rd quarter. Lazard Asset Management LLC now owns 7,931 shares of the company’s stock worth $29,000 after acquiring an additional 7,689 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of CleanSpark in the 3rd quarter worth about $30,000. Institutional investors and hedge funds 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.