CleanSpark (NASDAQ:CLSK) Shares Gap Down – What’s Next?

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 changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CLSK. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research note on Tuesday. 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. Macquarie assumed coverage on CleanSpark in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a research report on Friday, August 23rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, CleanSpark presently has an average rating of “Moderate Buy” and a consensus price target of $21.42.

CleanSpark Stock Performance

The company has a 50 day moving average of $11.97 and a 200-day moving average of $13.53.

Insider Transactions at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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 directly owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 13.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 26,272 shares of company stock worth $254,836. 2.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CLSK. Quest Partners LLC bought a new stake in CleanSpark in the third quarter valued at $374,000. Quantbot Technologies LP acquired a new position in CleanSpark during the 3rd quarter valued at about $1,960,000. Clarity Capital Partners LLC grew its position 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 purchasing an additional 87,891 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of CleanSpark in the third quarter valued at approximately $674,000. Finally, SRN Advisors LLC raised its holdings in shares of 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 last quarter. 43.12% of the stock is currently owned by institutional investors.

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.