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

CleanSpark, Inc. (NASDAQ:CLSK) gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

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

CleanSpark Stock Performance

The company’s 50-day moving average price is $11.48 and its two-hundred day moving average price is $13.60.

Insider Buying and Selling

In other news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 26,272 shares of company stock worth $250,003. 2.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hollencrest Capital Management boosted its stake in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after buying an additional 1,000 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after buying an additional 2,119 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares during the last quarter. KBC Group NV raised its holdings in CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after purchasing an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the last quarter. 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.