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

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $13.98, but opened at $14.43. CleanSpark shares last traded at $13.66, with a volume of 5,602,154 shares trading hands.

Analyst Upgrades and Downgrades

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

CleanSpark Trading Up 0.4 %

The stock’s 50-day moving average is $10.89 and its two-hundred day moving average is $13.72.

Insider Activity at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the transaction, the director now owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 13.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 26,272 shares of company stock worth $250,003. 2.99% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently modified their holdings of CLSK. Vanguard Group Inc. grew its holdings in CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after purchasing an additional 4,706,738 shares during the period. Marshall Wace LLP purchased a new position in shares of CleanSpark during the 2nd quarter valued at about $18,074,000. Van ECK Associates Corp lifted its position in shares of CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after buying an additional 620,792 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of CleanSpark by 9.8% during the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after acquiring an additional 549,187 shares during the period. Finally, Millennium Management LLC increased its holdings in CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after acquiring an additional 534,825 shares in the last quarter. 43.12% of the stock is currently 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.