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

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. JPMorgan Chase & Co. decreased their target price on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Finally, Macquarie assumed coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, CleanSpark presently has an average rating of “Moderate Buy” and a consensus target price of $21.42.

CleanSpark Trading Up 6.4 %

The firm’s fifty day moving average is $11.56 and its 200-day moving average is $13.58.

Insider Activity at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction dated 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 owns 137,050 shares in the company, valued at $1,266,342. This trade represents a 13.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 26,272 shares of company stock worth $250,003 over the last three months. 2.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management boosted its stake in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after acquiring an additional 1,000 shares in the last quarter. National Bank of Canada FI grew its holdings 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 purchasing an additional 2,119 shares during the last quarter. Russell Investments Group Ltd. increased its position 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 in the last quarter. KBC Group NV raised its stake in shares of 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 buying an additional 2,190 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after buying an additional 1,345 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.