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

CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Monday . The stock had previously closed at $10.09, but opened at $9.51. CleanSpark shares last traded at $9.68, with a volume of 3,548,155 shares changing hands.

Analyst Ratings Changes

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

CleanSpark Stock Performance

The firm’s 50 day moving average price is $12.50 and its two-hundred day moving average price is $12.27. The firm has a market cap of $3.03 billion, a PE ratio of -17.84 and a beta of 4.26.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLSK. GAMMA Investing LLC raised its position in CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares during the period. Hollencrest Capital Management lifted its position in CleanSpark by 33.3% in the third 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 during the last quarter. KBC Group NV boosted its stake in CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after buying an additional 2,190 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after acquiring an additional 1,345 shares during the last quarter. Finally, Doliver Advisors LP acquired a new position in shares of CleanSpark in the 3rd quarter worth approximately $117,000. 43.12% of the stock is currently owned by hedge funds and other 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.