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

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $11.18, but opened at $11.83. CleanSpark shares last traded at $12.04, with a volume of 5,095,317 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Macquarie upped their price objective 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. JPMorgan Chase & Co. raised shares of CleanSpark from a "neutral" rating to an "overweight" rating and raised their target price for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CleanSpark currently has an average rating of "Buy" and an average target price of $23.17.

CleanSpark Trading Up 6.2 %

The stock has a market cap of $3.47 billion, a PE ratio of -20.47 and a beta of 4.26. The business's 50-day moving average price is $12.38 and its 200-day moving average price is $12.18.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. GAMMA Investing LLC grew its stake in CleanSpark by 962.1% during the 4th 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. Hollencrest Capital Management boosted its holdings in CleanSpark by 33.3% in the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $37,000 after acquiring an additional 1,000 shares in the last quarter. KBC Group NV grew its stake in shares of CleanSpark by 42.0% during the third quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after acquiring an additional 2,190 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock valued at $75,000 after acquiring an additional 1,345 shares in the last quarter. Finally, Doliver Advisors LP purchased a new position in shares of CleanSpark in the 3rd quarter valued at approximately $117,000. 43.12% of the stock is owned by hedge funds and other 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.