CleanSpark (NASDAQ:CLSK) Shares Gap Down – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $10.09, but opened at $9.51. CleanSpark shares last traded at $9.68, with a volume of 3,548,155 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CLSK shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Tuesday, December 3rd. Finally, Macquarie increased their price target on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, CleanSpark has a consensus rating of “Buy” and a consensus price target of $23.17.

CleanSpark Price Performance

The firm has a 50-day moving average of $12.49 and a 200 day moving average of $12.35. The company has a market capitalization of $2.88 billion, a PE ratio of -16.97 and a beta of 4.26.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLSK. Rhumbline Advisers boosted its stake in shares of CleanSpark by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 313,148 shares of the company’s stock worth $4,995,000 after buying an additional 13,746 shares during 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. Victory Capital Management Inc. boosted its holdings in shares of CleanSpark by 165.0% in the second quarter. Victory Capital Management Inc. now owns 66,272 shares of the company’s stock worth $1,057,000 after buying an additional 41,259 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in CleanSpark during the second quarter valued at approximately $459,000. Finally, Federated Hermes Inc. grew its position in shares of CleanSpark by 41.9% during the 2nd quarter. Federated Hermes Inc. now owns 64,410 shares of the company’s stock valued at $1,027,000 after acquiring an additional 19,023 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.