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

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $9.51, but opened at $9.74. CleanSpark shares last traded at $9.58, with a volume of 4,187,100 shares trading hands.

Wall Street Analyst Weigh In

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

CleanSpark Price Performance

The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -15.88 and a beta of 4.16. The firm has a 50 day simple moving average of $12.77 and a two-hundred day simple moving average of $12.85.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company's stock worth $13,905,000 after purchasing an additional 215,124 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in CleanSpark by 13.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company's stock worth $712,000 after acquiring an additional 5,347 shares in the last quarter. Principal Financial Group Inc. grew its stake in CleanSpark by 33.0% in the second quarter. Principal Financial Group Inc. now owns 29,937 shares of the company's stock valued at $477,000 after acquiring an additional 7,426 shares during the period. Van ECK Associates Corp grew its stake in CleanSpark by 21.5% in the second quarter. Van ECK Associates Corp now owns 969,896 shares of the company's stock valued at $15,470,000 after acquiring an additional 171,627 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of CleanSpark by 4.6% in the second quarter. Rhumbline Advisers now owns 313,148 shares of the company's stock worth $4,995,000 after acquiring an additional 13,746 shares in the last quarter. Institutional investors own 43.12% of the company's stock.

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.