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

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CLSK shares. JPMorgan Chase & Co. reduced their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. Finally, 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 on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.42.

CleanSpark Stock Performance

The firm’s 50 day moving average is $12.16 and its two-hundred day moving average is $13.52. The stock has a market capitalization of $3.72 billion, a PE ratio of -25.31 and a beta of 4.16.

Insider Buying and Selling

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business’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 completion of the transaction, the director now owns 137,050 shares in the company, valued at $1,266,342. The trade was a 13.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 26,272 shares of company stock valued at $254,836 in the last ninety days. Company insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Hollencrest Capital Management boosted its holdings in shares of CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of CleanSpark by 470.9% in the 2nd 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 in the last quarter. KBC Group NV increased its holdings in shares of CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP acquired a new stake in CleanSpark in the 3rd quarter valued at about $117,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.