CleanSpark (NASDAQ:CLSK) Shares Gap Down - What's Next?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price gapped down before the market opened 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 traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CLSK shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. 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. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $23.17.

CleanSpark Stock Up 1.0 %

The stock has a market capitalization of $2.98 billion, a PE ratio of -17.57 and a beta of 4.26. The stock's 50-day moving average is $12.49 and its 200 day moving average is $12.35.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently modified their holdings of the company. National Bank of Canada FI increased its position in CleanSpark by 470.9% in the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company's stock worth $41,000 after purchasing an additional 2,119 shares during the last quarter. Hollencrest Capital Management bought a new stake in shares of CleanSpark in the 2nd quarter valued at approximately $48,000. GAMMA Investing LLC increased its holdings in CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock worth $36,000 after buying an additional 3,579 shares during the last quarter. KBC Group NV raised 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 in the last quarter. Finally, Amalgamated Bank lifted its stake in CleanSpark by 18.4% in the second quarter. Amalgamated Bank now owns 7,667 shares of the company's stock valued at $122,000 after acquiring an additional 1,194 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other 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.