CleanSpark (NASDAQ:CLSK) Shares Gap Down - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $12.33, but opened at $11.68. CleanSpark shares last traded at $11.89, with a volume of 22,675,641 shares traded.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, December 3rd. JPMorgan Chase & Co. upgraded CleanSpark from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $10.50 to $17.00 in a research report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, Macquarie boosted their price target on shares of CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CleanSpark presently has a consensus rating of "Buy" and an average target price of $23.17.

CleanSpark Price Performance

The firm's fifty day moving average is $12.71 and its two-hundred day moving average is $13.32. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of -20.72 and a beta of 4.16.

Institutional Trading of CleanSpark

A number of large investors have recently added to or reduced their stakes in CLSK. National Bank of Canada FI raised its stake in 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 period. Hollencrest Capital Management acquired a new position in shares of CleanSpark in the second quarter worth $48,000. KBC Group NV boosted 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 purchasing an additional 2,190 shares during the last quarter. Amalgamated Bank increased its position in CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company's stock worth $122,000 after purchasing an additional 1,194 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after purchasing an additional 1,345 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

CleanSpark Company Profile

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.