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

CleanSpark, Inc. (NASDAQ:CLSK) gapped down before the market opened on Monday . The stock had previously closed at $14.03, but opened at $13.69. CleanSpark shares last traded at $13.87, with a volume of 5,396,193 shares changing hands.

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Performance

The company’s 50-day moving average price is $10.99 and its two-hundred day moving average price is $13.69.

Insider Buying and Selling at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. The trade was a 13.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 26,272 shares of company stock valued at $250,003. 2.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

A number of hedge funds have recently added to or reduced their stakes in the business. Clarity Capital Partners LLC grew its position in shares of CleanSpark by 100.8% during the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after buying an additional 87,891 shares during the period. SRN Advisors LLC boosted its stake in CleanSpark by 65.3% during the third quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after acquiring an additional 103,283 shares in the last quarter. Vanguard Group Inc. grew its holdings in CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after purchasing an additional 4,706,738 shares during the period. Millennium Management LLC increased its stake in CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Finally, Granite Bay Wealth Management LLC acquired a new position in shares of CleanSpark during the second quarter valued at about $1,563,000. 43.12% of the stock is currently 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.