CleanSpark (NASDAQ:CLSK) Shares Gap Down - Should You Sell?

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) 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.

Analyst Upgrades and Downgrades

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

CleanSpark Stock Performance

The stock's fifty day simple moving average is $12.46 and its 200-day simple moving average is $12.26. The stock has a market cap of $3.28 billion, a P/E ratio of -19.31 and a beta of 4.26.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently added to or reduced their stakes in CLSK. Victory Capital Management Inc. lifted its position in shares of CleanSpark by 165.0% during the 2nd quarter. Victory Capital Management Inc. now owns 66,272 shares of the company's stock valued at $1,057,000 after acquiring an additional 41,259 shares during the period. Federated Hermes Inc. grew its stake in CleanSpark by 41.9% during the second quarter. Federated Hermes Inc. now owns 64,410 shares of the company's stock worth $1,027,000 after buying an additional 19,023 shares in the last quarter. Virtu Financial LLC increased its holdings in CleanSpark by 1,249.1% in the 2nd quarter. Virtu Financial LLC now owns 150,698 shares of the company's stock valued at $2,404,000 after buying an additional 139,528 shares during the period. Amalgamated Bank raised its position in shares of CleanSpark by 18.4% in the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company's stock valued at $122,000 after buying an additional 1,194 shares in the last quarter. Finally, Shariaportfolio Inc. lifted its holdings in shares of CleanSpark by 4.6% during the 2nd quarter. Shariaportfolio Inc. now owns 653,304 shares of the company's stock worth $10,421,000 after acquiring an additional 28,767 shares during the period. Institutional investors and hedge funds own 43.12% of the company's stock.

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.