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

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $14.95, but opened at $14.00. CleanSpark shares last traded at $14.26, with a volume of 5,351,204 shares trading hands.

Wall Street Analyst Weigh In

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

CleanSpark Trading Up 6.4 %

The business has a fifty day moving average of $11.56 and a 200 day moving average of $13.58.

Insider Activity

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the completion of the transaction, the director now owns 137,050 shares of the company’s stock, valued at $1,266,342. This trade represents a 13.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 26,272 shares of company stock valued at $250,003. 2.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLSK. Sanctuary Advisors LLC raised its position in CleanSpark by 167.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock valued at $447,000 after purchasing an additional 29,964 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in CleanSpark in the third quarter worth approximately $903,000. Geode Capital Management LLC grew its holdings in 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 in the last quarter. Barclays PLC grew its holdings in CleanSpark by 364.0% during the 3rd quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after acquiring an additional 305,316 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in shares of CleanSpark in the 3rd quarter valued at approximately $486,000. 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.