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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped up before the market opened on Tuesday . The stock had previously closed at $9.51, but opened at $9.74. CleanSpark shares last traded at $9.58, with a volume of 4,187,100 shares changing hands.

Wall Street Analyst Weigh In

CLSK has been the topic of several recent research reports. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. Macquarie raised their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, HC Wainwright restated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a research report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Stock Down 3.2 %

The company’s 50-day moving average is $12.67 and its two-hundred day moving average is $12.76. The company has a market capitalization of $2.69 billion, a P/E ratio of -15.88 and a beta of 4.16.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently made changes to their positions in CLSK. National Bank of Canada FI increased its position in shares of CleanSpark by 470.9% during 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 during the last quarter. Hollencrest Capital Management purchased a new stake in CleanSpark in the second quarter worth approximately $48,000. KBC Group NV grew its position in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the last quarter. Amalgamated Bank raised its stake in shares of CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after acquiring an additional 1,194 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted 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 worth $75,000 after acquiring an additional 1,345 shares during the last quarter. Institutional investors 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.