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

CleanSpark, Inc. (NASDAQ:CLSK) gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

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

CleanSpark Stock Up 6.4 %

The firm has a 50 day moving average price of $11.76 and a 200 day moving average price of $13.59.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction 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 directly 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 24,922 shares of company stock worth $235,463 over the last quarter. 2.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC lifted its holdings in CleanSpark by 167.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 47,882 shares of the company’s stock worth $447,000 after purchasing an additional 29,964 shares in the last quarter. Arete Wealth Advisors LLC purchased a new position in shares of CleanSpark in the third quarter worth $903,000. Geode Capital Management LLC boosted 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 acquiring an additional 549,187 shares during the last quarter. Barclays PLC grew its stake in CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after acquiring an additional 305,316 shares in the last quarter. Finally, Main Management ETF Advisors LLC bought a new stake in CleanSpark in the 3rd quarter valued at $486,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.