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

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CLSK. Macquarie started coverage on shares of CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. lowered their price target 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 target on shares of CleanSpark in a research note on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Stock Performance

The business has a 50 day moving average of $10.89 and a 200-day moving average of $13.70.

Insider Transactions at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark 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 completion of the sale, the director now directly 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. In the last quarter, insiders sold 26,272 shares of company stock worth $250,003. Company insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in shares of CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after purchasing an additional 787 shares during the period. ProShare Advisors LLC increased its position in shares of CleanSpark by 39.8% in the first quarter. ProShare Advisors LLC now owns 34,654 shares of the company’s stock worth $735,000 after acquiring an additional 9,858 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of CleanSpark by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of CleanSpark by 24.1% during the 1st quarter. Ameritas Investment Partners Inc. now owns 19,238 shares of the company’s stock valued at $408,000 after acquiring an additional 3,732 shares in the last quarter. Finally, American International Group Inc. boosted its position in CleanSpark by 27.7% during the 1st quarter. American International Group Inc. now owns 95,068 shares of the company’s stock worth $2,016,000 after purchasing an additional 20,610 shares during the period. 43.12% of the stock is currently owned by hedge funds and other 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.