CleanSpark (NASDAQ:CLSK) Shares Gap Down – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $10.09, but opened at $9.51. CleanSpark shares last traded at $9.68, with a volume of 3,548,155 shares.

Analysts Set New Price Targets

CLSK has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $10.50 to $17.00 in a research note on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Finally, Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark currently has an average rating of “Buy” and a consensus price target of $23.17.

CleanSpark Stock Performance

The firm has a 50-day moving average price of $12.50 and a two-hundred day moving average price of $12.27. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -17.84 and a beta of 4.26.

Institutional Trading of CleanSpark

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares in the last quarter. Hollencrest Capital Management boosted its stake in CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares in the last quarter. KBC Group NV grew its holdings in shares of CleanSpark by 42.0% during the third 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. DekaBank Deutsche Girozentrale increased its position in shares of 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 purchasing an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP purchased a new stake in shares of CleanSpark in the 3rd quarter valued at about $117,000. 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.