CleanSpark (NASDAQ:CLSK) Shares Gap Down – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down prior to trading on Tuesday . The stock had previously closed at $17.61, but opened at $16.62. CleanSpark shares last traded at $17.00, with a volume of 13,436,695 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CLSK shares. JPMorgan Chase & Co. dropped their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. Finally, Macquarie assumed coverage on CleanSpark in a research note on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, CleanSpark has a consensus rating of “Moderate Buy” and an average target price of $21.42.

CleanSpark Price Performance

The firm’s fifty day moving average price is $10.67 and its two-hundred day moving average price is $13.76.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 26,272 shares of company stock worth $250,003 in the last ninety days. 2.99% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

A number of hedge funds have recently made changes to their positions in CLSK. Hollencrest Capital Management raised its position in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. National Bank of Canada FI increased its position in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares in the last quarter. KBC Group NV lifted its position in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares during the last quarter. 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.