CleanSpark (NASDAQ:CLSK) Shares Gap Up – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $13.98, but opened at $14.43. CleanSpark shares last traded at $13.66, with a volume of 5,602,154 shares.

Wall Street Analysts Forecast Growth

CLSK has been the topic of several research reports. Macquarie began coverage on shares of CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. JPMorgan Chase & Co. reduced their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.42.

CleanSpark Stock Down 3.0 %

The firm’s 50-day moving average price is $10.67 and its two-hundred day moving average price is $13.76.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction dated 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 directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 13.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 26,272 shares of company stock valued at $250,003. Company insiders own 2.99% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. Vanguard Group Inc. boosted its holdings in shares of 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 purchasing an additional 4,706,738 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after buying an additional 208,862 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after buying an additional 620,792 shares during the period. Millennium Management LLC grew its holdings in shares of CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of CleanSpark in the second quarter worth $18,074,000. 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.