CleanSpark (NASDAQ:CLSK) Shares Gap Down – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $14.03, but opened at $13.69. CleanSpark shares last traded at $13.87, with a volume of 5,396,193 shares.

Wall Street Analysts Forecast Growth

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

CleanSpark Trading Up 0.8 %

The business’s fifty day moving average price is $10.89 and its 200 day moving average price is $13.70.

Insiders Place Their Bets

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the completion of the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This trade represents a 13.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 26,272 shares of company stock worth $250,003 over the last quarter. Company insiders own 2.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its stake in shares of CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock valued at $57,577,000 after acquiring an additional 549,187 shares during the period. Barclays PLC raised its position in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after purchasing an additional 305,316 shares during the period. Main Management ETF Advisors LLC bought a new position in CleanSpark in the third quarter valued at approximately $486,000. Kovitz Investment Group Partners LLC increased its holdings in CleanSpark by 85.8% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock worth $1,727,000 after purchasing an additional 85,388 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in CleanSpark by 48.9% in the 3rd quarter. Wellington Management Group LLP now owns 29,176 shares of the company’s stock valued at $273,000 after buying an additional 9,579 shares during the last quarter. 43.12% of the stock is owned by 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.