CleanSpark (NASDAQ:CLSK) Shares Gap Up - Should You Buy?

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $13.98, but opened at $14.43. CleanSpark shares last traded at $13.66, with a volume of 5,602,154 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. Macquarie began coverage on shares of CleanSpark in a research note on Wednesday, September 25th. They issued an "outperform" rating and a $20.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating on the stock in a report on Friday, August 23rd. Finally, HC Wainwright restated a "buy" rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $21.42.

CleanSpark Stock Performance

The stock has a 50 day simple moving average of $10.89 and a two-hundred day simple moving average of $13.74.

Insider Activity

In related news, Director Thomas Leigh Wood sold 22,222 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. The trade was a 13.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 26,272 shares of company stock valued at $250,003. 2.99% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Several institutional investors have recently added to or reduced their stakes in CLSK. Swiss National Bank grew its stake in shares of CleanSpark by 21.3% in the first quarter. Swiss National Bank now owns 364,800 shares of the company's stock valued at $7,737,000 after buying an additional 64,000 shares in the last quarter. Russell Investments Group Ltd. increased its stake in CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company's stock worth $62,000 after purchasing an additional 787 shares during the period. ProShare Advisors LLC increased its stake in CleanSpark by 39.8% during the first quarter. ProShare Advisors LLC now owns 34,654 shares of the company's stock worth $735,000 after purchasing an additional 9,858 shares during the period. Vanguard Group Inc. lifted its position in shares of CleanSpark by 58.5% during the first quarter. Vanguard Group Inc. now owns 12,755,249 shares of the company's stock worth $270,539,000 after purchasing an additional 4,706,738 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of CleanSpark by 24.1% in the first quarter. Ameritas Investment Partners Inc. now owns 19,238 shares of the company's stock valued at $408,000 after purchasing an additional 3,732 shares during the period. Institutional investors and hedge funds 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.