CleanSpark (NASDAQ:CLSK) Shares Gap Up on Analyst Upgrade

CleanSpark, Inc. (NASDAQ:CLSK)’s share price gapped up before the market opened on Thursday after Macquarie raised their price target on the stock from $20.00 to $24.00. The stock had previously closed at $14.68, but opened at $15.44. Macquarie currently has an outperform rating on the stock. CleanSpark shares last traded at $15.86, with a volume of 12,630,248 shares traded.

Several other research analysts have also recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. JPMorgan Chase & Co. dropped their price target on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, August 23rd. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Tuesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.08.

Insider Activity

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of CleanSpark stock in a transaction on 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 legal filing with the SEC, which is accessible through this link. Insiders have sold 26,272 shares of company stock worth $254,836 in the last three months. Company insiders own 2.99% of the company’s stock.

Institutional Trading of CleanSpark

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in CleanSpark by 9.8% in the 3rd 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 last quarter. State Street Corp boosted its stake in shares of CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after purchasing an additional 261,195 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after purchasing an additional 208,862 shares during the period. Van ECK Associates Corp boosted its stake in shares of CleanSpark by 64.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after purchasing an additional 620,792 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of CleanSpark by 74.6% during the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock worth $19,958,000 after purchasing an additional 534,825 shares during the period. 43.12% of the stock is currently owned by institutional investors.

CleanSpark Trading Up 7.5 %

The company has a market capitalization of $3.79 billion, a PE ratio of -25.81 and a beta of 4.16. The firm’s 50-day simple moving average is $12.34 and its 200-day simple moving average is $13.50.

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.