CleanSpark (NASDAQ:CLSK) Shares Gap Up Following Strong Earnings

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $10.38, but opened at $11.55. CleanSpark shares last traded at $11.93, with a volume of 24,868,344 shares traded.

The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative net margin of 38.47% and a negative return on equity of 2.36%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CLSK. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Friday. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. Finally, Macquarie lifted their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $22.57.

Hedge Funds Weigh In On CleanSpark

Several institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. purchased a new stake in shares of CleanSpark during the 4th quarter worth approximately $39,940,000. Van ECK Associates Corp raised its stake in CleanSpark by 40.0% during the fourth quarter. Van ECK Associates Corp now owns 2,227,199 shares of the company’s stock valued at $20,513,000 after purchasing an additional 636,511 shares in the last quarter. Geode Capital Management LLC lifted its position in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after purchasing an additional 549,187 shares during the last quarter. Barclays PLC grew its stake in shares of CleanSpark by 364.0% in the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after buying an additional 305,316 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of CleanSpark by 12.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,464,861 shares of the company’s stock worth $22,701,000 after buying an additional 270,026 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

CleanSpark Stock Performance

The business’s fifty day moving average price is $11.40 and its two-hundred day moving average price is $11.64. The stock has a market capitalization of $3.32 billion, a P/E ratio of -20.39 and a beta of 4.25.

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.