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

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $14.00, but opened at $14.60. CleanSpark shares last traded at $14.64, with a volume of 7,552,152 shares trading hands.

Analyst Upgrades and Downgrades

CLSK has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Wednesday, September 25th. JPMorgan Chase & Co. reduced their price objective on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. Macquarie initiated coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, 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. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CleanSpark currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.42.

CleanSpark Stock Performance

The company’s 50 day moving average is $11.25 and its 200-day moving average is $13.67.

Insiders Place Their Bets

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the company’s 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 approximately $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 26,272 shares of company stock worth $250,003. Insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of CleanSpark by 58.5% in 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 last quarter. Geode Capital Management LLC raised its holdings in shares of CleanSpark by 9.8% in the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after purchasing an additional 549,187 shares during the last quarter. State Street Corp raised its holdings in shares of CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after purchasing an additional 261,195 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of CleanSpark by 64.0% in the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after purchasing an additional 620,792 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.