CleanSpark (NASDAQ:CLSK) Shares Gap Down on Analyst Downgrade

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Monday after Cantor Fitzgerald lowered their price target on the stock from $28.00 to $23.00. The stock had previously closed at $11.46, but opened at $11.11. Cantor Fitzgerald currently has an overweight rating on the stock. CleanSpark shares last traded at $10.37, with a volume of 5,394,142 shares trading hands.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut their price target on CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a report on Tuesday, June 4th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Friday, June 28th. Finally, Chardan Capital reissued a “buy” rating and set a $26.00 price target on shares of CleanSpark in a research report on Monday, May 13th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.30.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. American Capital Advisory LLC acquired a new position in shares of CleanSpark in the 1st quarter valued at $32,000. National Bank of Canada FI boosted its stake in CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after buying an additional 2,119 shares during the period. Hollencrest Capital Management acquired a new stake in shares of CleanSpark during the second quarter valued at about $48,000. Russell Investments Group Ltd. raised its stake in shares of CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after acquiring an additional 787 shares during the period. Finally, Signaturefd LLC raised its stake in shares of CleanSpark by 100.0% in the 4th quarter. Signaturefd LLC now owns 9,000 shares of the company’s stock valued at $99,000 after acquiring an additional 4,500 shares during the period. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

CleanSpark Stock Down 0.7 %

The firm’s fifty day moving average price is $16.18 and its 200 day moving average price is $16.33.

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.