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

by · The Markets Daily

Shares of CleanSpark, Inc. (NASDAQ:CLSK – Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $13.03, but opened at $13.64. CleanSpark shares last traded at $13.83, with a volume of 5,025,906 shares.

Wall Street Analysts Forecast Growth

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

Get Our Latest Report on CLSK

CleanSpark Stock Performance

The business’s 50-day moving average price is $11.56 and its 200-day moving average price is $13.58.

Insider Activity at CleanSpark

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the firm’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 transaction of $205,331.28. Following the sale, the director now owns 137,050 shares in the company, valued at approximately $1,266,342. This trade represents a 13.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 26,272 shares of company stock worth $250,003. Corporate insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock worth $270,539,000 after buying an additional 4,706,738 shares during the period. Marshall Wace LLP purchased a new position in shares of CleanSpark in the second quarter valued at about $18,074,000. Van ECK Associates Corp boosted its stake in shares of CleanSpark by 64.0% in the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after acquiring an additional 620,792 shares during the period. Geode Capital Management LLC grew its position in shares of CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after purchasing an additional 549,187 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares in the last quarter. 43.12% of the stock is owned by hedge funds and other institutional investors.

CleanSpark Company Profile

(Get Free Report)

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.

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