CleanSpark (NASDAQ:CLSK) Shares Gap Down - Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $14.03, but opened at $13.69. CleanSpark shares last traded at $13.87, with a volume of 5,396,193 shares traded.

Analyst Ratings Changes

A number of equities analysts have weighed in on CLSK shares. HC Wainwright reissued a "buy" rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. JPMorgan Chase & Co. lowered 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 research report on Wednesday, September 25th. They set an "outperform" rating and a $20.00 price target on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, CleanSpark currently has a consensus rating of "Moderate Buy" and an average price target of $21.42.

CleanSpark Price Performance

The firm has a 50-day moving average price of $10.89 and a 200 day moving average price of $13.70.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business'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 value of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares in the company, 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 filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 26,272 shares of company stock valued at $250,003. 2.99% of the stock is owned by insiders.

Institutional Investors Weigh In On CleanSpark

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of CleanSpark by 58.5% in the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company's stock valued at $270,539,000 after buying an additional 4,706,738 shares during the period. Geode Capital Management LLC lifted its stake in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company's stock worth $57,577,000 after purchasing an additional 549,187 shares during the last quarter. State Street Corp lifted its stake in CleanSpark by 4.5% during the third quarter. State Street Corp now owns 6,073,912 shares of the company's stock worth $56,730,000 after purchasing an additional 261,195 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock worth $20,500,000 after purchasing an additional 208,862 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company's stock worth $14,857,000 after purchasing an additional 620,792 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.