CleanSpark (NASDAQ:CLSK) Shares Gap Up – Time to Buy?

CleanSpark, Inc. (NASDAQ:CLSK) shares gapped up prior to trading on Tuesday . The stock had previously closed at $9.51, but opened at $9.74. CleanSpark shares last traded at $9.58, with a volume of 4,187,100 shares traded.

Analyst Ratings Changes

A number of research analysts have weighed in on CLSK shares. Macquarie raised their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. upgraded CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark currently has a consensus rating of “Buy” and a consensus price target of $23.17.

CleanSpark Stock Performance

The stock has a market cap of $2.69 billion, a PE ratio of -15.88 and a beta of 4.16. The business has a 50 day moving average price of $12.67 and a two-hundred day moving average price of $12.76.

Hedge Funds Weigh In On CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in CleanSpark by 32.8% in the second quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company’s stock valued at $13,905,000 after purchasing an additional 215,124 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in CleanSpark by 13.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company’s stock worth $712,000 after acquiring an additional 5,347 shares during the last quarter. Principal Financial Group Inc. increased its holdings in CleanSpark by 33.0% in the 2nd quarter. Principal Financial Group Inc. now owns 29,937 shares of the company’s stock worth $477,000 after acquiring an additional 7,426 shares during the last quarter. Rhumbline Advisers lifted its holdings in CleanSpark by 4.6% during the second quarter. Rhumbline Advisers now owns 313,148 shares of the company’s stock valued at $4,995,000 after purchasing an additional 13,746 shares during the last quarter. Finally, National Bank of Canada FI lifted its holdings in CleanSpark by 470.9% during the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after purchasing an additional 2,119 shares during the last quarter. 43.12% of the stock is owned by hedge funds and other 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.