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

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $14.52, but opened at $13.33. CleanSpark shares last traded at $13.40, with a volume of 13,453,427 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CLSK shares. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research note 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 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Tuesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, CleanSpark presently has an average rating of “Moderate Buy” and a consensus target price of $21.42.

CleanSpark Stock Down 2.4 %

The business’s fifty day moving average is $11.97 and its 200 day moving average is $13.53.

Insiders Place Their Bets

In related news, Director Thomas Leigh Wood sold 22,222 shares of the stock in a transaction on 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 26,272 shares of company stock worth $254,836. 2.99% of the stock is owned by insiders.

Institutional Trading of CleanSpark

A number of hedge funds have recently bought and sold shares of CLSK. Quest Partners LLC purchased a new position in shares of CleanSpark in the third quarter worth approximately $374,000. Quantbot Technologies LP purchased a new stake in shares of CleanSpark in the third quarter valued at $1,960,000. Clarity Capital Partners LLC grew its holdings in shares of CleanSpark by 100.8% during the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after buying an additional 87,891 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of CleanSpark during the third quarter valued at $674,000. Finally, SRN Advisors LLC raised its position in CleanSpark by 65.3% during the third quarter. SRN Advisors LLC now owns 261,427 shares of the company’s stock valued at $2,442,000 after buying an additional 103,283 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.