CleanSpark (NASDAQ:CLSK) Shares Gap Up – Time to Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped up prior to trading on Thursday . The stock had previously closed at $14.00, but opened at $14.60. CleanSpark shares last traded at $14.64, with a volume of 7,552,152 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CLSK. JPMorgan Chase & Co. reduced their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, August 23rd. Macquarie started coverage on CleanSpark in a report on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $27.00 price objective on shares of CleanSpark in a report on Wednesday, September 25th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, CleanSpark currently has an average rating of “Moderate Buy” and an average target price of $21.42.

CleanSpark Stock Performance

The business has a 50 day moving average of $11.18 and a 200-day moving average of $13.67.

Insider Buying and Selling at CleanSpark

In related news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction 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. The trade was a 13.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 26,272 shares of company stock worth $250,003. 2.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CleanSpark

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Clarity Capital Partners LLC increased its position in CleanSpark by 100.8% during the third 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 in the last quarter. SRN Advisors LLC grew its position in 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 acquiring an additional 103,283 shares during the period. Vanguard Group Inc. grew its position in CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company’s stock valued at $270,539,000 after acquiring an additional 4,706,738 shares during the period. Millennium Management LLC grew its position in CleanSpark by 74.6% during the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after acquiring an additional 534,825 shares during the period. Finally, Granite Bay Wealth Management LLC purchased a new stake in CleanSpark during the second quarter valued at about $1,563,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.