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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped down before the market opened on Monday . The stock had previously closed at $14.03, but opened at $13.69. CleanSpark shares last traded at $13.87, with a volume of 5,396,193 shares traded.

Wall Street Analyst Weigh In

CLSK has been the topic of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. JPMorgan Chase & Co. lowered their price target 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. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. Finally, Macquarie initiated coverage on CleanSpark in a report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Price Performance

The business’s 50-day moving average price is $10.99 and its two-hundred day moving average price is $13.69.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the business’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 directly owns 137,050 shares in the company, valued at approximately $1,266,342. The trade was a 13.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 26,272 shares of company stock worth $250,003 in the last 90 days. Company insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CLSK. Hollencrest Capital Management boosted its holdings 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. National Bank of Canada FI boosted its stake in 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 in the last quarter. Russell Investments Group Ltd. raised its stake in CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after acquiring an additional 787 shares in the last quarter. KBC Group NV lifted its holdings in shares of CleanSpark by 42.0% in the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after acquiring an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares in the last quarter. 43.12% of the stock is owned by 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.