CleanSpark (NASDAQ:CLSK) Shares Gap Up – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Up 0.4 %

The business has a fifty day moving average price of $10.89 and a 200-day moving average price of $13.72.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the 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 of the company’s stock, valued at approximately $1,266,342. This trade represents a 13.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 26,272 shares of company stock worth $250,003 in the last quarter. 2.99% of the stock is owned by insiders.

Institutional Trading of CleanSpark

Several institutional investors have recently added to or reduced their stakes in CLSK. Vanguard Group Inc. lifted its stake in shares of CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 lifted its position in 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. boosted its stake in shares of CleanSpark by 10.5% during 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 period. Finally, Van ECK Associates Corp grew 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 worth $14,857,000 after purchasing an additional 620,792 shares during 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.