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

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $11.32, but opened at $11.94. CleanSpark shares last traded at $11.67, with a volume of 5,062,174 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently commented on CLSK. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Finally, Macquarie upped their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Stock Down 1.2 %

The company’s 50 day simple moving average is $12.90 and its 200-day simple moving average is $13.20. The firm has a market cap of $3.27 billion, a P/E ratio of -19.28 and a beta of 4.16.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLSK. Quest Partners LLC purchased a new stake in shares of CleanSpark during the third quarter valued at $374,000. Kovitz Investment Group Partners LLC grew its stake in CleanSpark by 85.8% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock valued at $1,727,000 after purchasing an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares during the period. Quantbot Technologies LP purchased a new stake in CleanSpark in the third quarter valued at approximately $1,960,000. Finally, Clarity Capital Partners LLC increased its holdings in CleanSpark by 100.8% in the 3rd quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock worth $1,635,000 after buying an additional 87,891 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

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.