CleanSpark (NASDAQ:CLSK) Shares Gap Down – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Friday . The stock had previously closed at $12.33, but opened at $11.68. CleanSpark shares last traded at $11.89, with a volume of 22,675,641 shares.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CLSK. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday. Finally, Macquarie raised their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark presently has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Stock Up 0.3 %

The business has a 50-day moving average price of $12.66 and a two-hundred day moving average price of $13.36. The firm has a market cap of $3.62 billion, a PE ratio of -20.88 and a beta of 4.16.

Institutional Trading of CleanSpark

Large investors have recently modified their holdings of the stock. Marshall Wace LLP acquired a new position in shares of CleanSpark during the second quarter worth $18,074,000. Van ECK Associates Corp boosted its stake in shares of CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after buying an additional 620,792 shares during the period. Geode Capital Management LLC boosted its stake in shares of CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after buying an additional 549,187 shares during the period. Millennium Management LLC boosted its stake in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares during the period. Finally, Barclays PLC boosted its stake in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after buying an additional 305,316 shares during the period. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.