CleanSpark (NASDAQ:CLSK) Shares Gap Down – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down prior to trading on Friday . The stock had previously closed at $12.33, but opened at $11.68. CleanSpark shares last traded at $11.89, with a volume of 22,675,641 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CLSK shares. HC Wainwright reissued a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.50 to $17.00 in a report on Tuesday. Finally, Macquarie lifted their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $23.17.

CleanSpark Trading Up 0.3 %

The firm has a market cap of $3.62 billion, a PE ratio of -20.88 and a beta of 4.16. The stock’s 50 day moving average price is $12.66 and its 200 day moving average price is $13.36.

Institutional Investors Weigh In On CleanSpark

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its stake in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after purchasing an additional 1,000 shares in the last quarter. FMR LLC raised its stake in CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after acquiring an additional 1,170 shares during the period. Amalgamated Bank raised its stake in CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after acquiring an additional 1,194 shares during the period. DekaBank Deutsche Girozentrale raised its stake in CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after acquiring an additional 1,345 shares during the period. Finally, Victory Capital Management Inc. raised its stake in CleanSpark by 2.6% during the third quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after acquiring an additional 1,709 shares during the period. 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.