CleanSpark (NASDAQ:CLSK) Shares Gap Up – Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped up before the market opened 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 traded.

Wall Street Analyst Weigh In

CLSK has been the topic of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie assumed coverage on CleanSpark in a research note on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. lowered their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.42.

CleanSpark Price Performance

The business has a fifty day moving average of $11.18 and a 200-day moving average of $13.67.

Insider Activity

In other 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 value of $205,331.28. Following the completion of the sale, the director now owns 137,050 shares in the company, valued at $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 26,272 shares of company stock worth $250,003. Insiders own 2.99% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Hedge funds have recently modified their holdings of the stock. Clarity Capital Partners LLC increased its stake in shares of CleanSpark by 100.8% in the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after acquiring an additional 87,891 shares during the last quarter. SRN Advisors LLC increased its stake in shares of CleanSpark by 65.3% in the third quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock worth $2,442,000 after acquiring an additional 103,283 shares during the last quarter. Vanguard Group Inc. increased its position in CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after buying an additional 4,706,738 shares during the last quarter. Millennium Management LLC increased its position in CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after buying an additional 534,825 shares during the last quarter. Finally, Granite Bay Wealth Management LLC acquired a new position in CleanSpark during the second quarter worth $1,563,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.