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

CleanSpark, Inc. (NASDAQ:CLSK) gapped down prior to trading on Friday . The stock had previously closed at $12.33, but opened at $11.68. CleanSpark shares last traded at $11.89, with a volume of 22,675,641 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CLSK. 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 target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and raised their price target for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $23.17.

CleanSpark Trading Down 2.5 %

The firm has a 50-day simple moving average of $12.71 and a 200-day simple moving average of $13.29. The firm has a market cap of $3.52 billion, a P/E ratio of -20.72 and a beta of 4.16.

Institutional Investors Weigh In On CleanSpark

Institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management lifted its position in CleanSpark by 33.3% during the third quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the last quarter. National Bank of Canada FI grew its holdings in CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares during the last quarter. KBC Group NV increased its position 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 purchasing an additional 2,190 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Doliver Advisors LP acquired a new stake in shares of CleanSpark in the 3rd quarter worth $117,000. 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.