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

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down before the market opened on Tuesday . The stock had previously closed at $14.95, but opened at $14.00. CleanSpark shares last traded at $14.26, with a volume of 5,351,204 shares trading hands.

Wall Street Analysts Forecast Growth

CLSK has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. dropped their target price 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. Finally, Macquarie started coverage on shares of CleanSpark in a report 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 assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.42.

CleanSpark Stock Down 9.2 %

The firm’s fifty day moving average is $11.48 and its 200-day moving average is $13.60.

Insider Activity at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 26,272 shares of company stock valued at $250,003 over the last ninety days. Corporate insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

Several institutional investors have recently added to or reduced their stakes in the business. National Bank of Canada FI boosted its holdings in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares during the last quarter. Hollencrest Capital Management bought a new position in CleanSpark during the 2nd quarter valued at about $48,000. KBC Group NV boosted its position in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after buying an additional 2,190 shares during the period. Finally, Amalgamated Bank boosted its position in CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock valued at $122,000 after buying an additional 1,194 shares during the period. 43.12% of the stock is currently owned by hedge funds and other 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.