CleanSpark (NASDAQ:CLSK) Shares Gap Up Following Analyst Upgrade

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up before the market opened on Thursday after Macquarie raised their price target on the stock from $20.00 to $24.00. The stock had previously closed at $14.68, but opened at $15.44. Macquarie currently has an outperform rating on the stock. CleanSpark shares last traded at $15.86, with a volume of 12,630,248 shares changing hands.

Several other analysts have also issued reports on CLSK. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday. Finally, 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. One research 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.com, CleanSpark presently has an average rating of “Moderate Buy” and a consensus price target of $22.08.

Insider Activity

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the transaction, the director now directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 26,272 shares of company stock worth $254,836 over the last 90 days. 2.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

A number of large investors have recently made changes to their positions in the stock. Marshall Wace LLP bought a new stake in CleanSpark during the second quarter valued at approximately $18,074,000. Van ECK Associates Corp raised 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 lifted its holdings 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 worth $57,577,000 after acquiring an additional 549,187 shares during the last quarter. Millennium Management LLC grew its position in CleanSpark by 74.6% in the second 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. Finally, Barclays PLC increased its stake in CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after acquiring an additional 305,316 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

CleanSpark Price Performance

The stock has a 50 day moving average of $12.24 and a 200 day moving average of $13.53. The firm has a market cap of $3.53 billion, a P/E ratio of -24.02 and a beta of 4.16.

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.