CleanSpark (NASDAQ:CLSK) Shares Gap Up – Should You Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped up prior to trading on Wednesday . The stock had previously closed at $13.03, but opened at $13.64. CleanSpark shares last traded at $13.83, with a volume of 5,025,906 shares.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Up 6.4 %

The stock’s fifty day simple moving average is $11.76 and its two-hundred day simple moving average is $13.59.

Insider Buying and Selling

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. The trade was a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 24,922 shares of company stock worth $235,463 in the last 90 days. Insiders own 2.99% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several large investors have recently modified their holdings of the stock. Marshall Wace LLP bought a new stake in CleanSpark during the 2nd quarter valued at about $18,074,000. Van ECK Associates Corp increased its position 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 valued at $14,857,000 after acquiring an additional 620,792 shares in the last quarter. Geode Capital Management LLC raised its holdings in CleanSpark by 9.8% in the 3rd quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after acquiring an additional 549,187 shares during the last quarter. Millennium Management LLC lifted its position in CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares in the last quarter. Finally, Barclays PLC boosted its stake in CleanSpark by 364.0% during the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after purchasing an additional 305,316 shares during the last quarter. 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.