CleanSpark (NASDAQ:CLSK) Shares Gap Up – What’s Next?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped up before the market opened on Thursday . The stock had previously closed at $12.83, but opened at $13.25. CleanSpark shares last traded at $13.12, with a volume of 6,437,399 shares traded.

Analyst Ratings Changes

CLSK has been the topic of a number of analyst reports. Macquarie lifted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $10.50 to $17.00 in a research report on Tuesday. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, CleanSpark has a consensus rating of “Buy” and a consensus target price of $23.17.

CleanSpark Price Performance

The firm has a market cap of $3.52 billion, a P/E ratio of -20.72 and a beta of 4.16. The business’s 50-day moving average is $12.71 and its two-hundred day moving average is $13.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Quest Partners LLC acquired a new stake in shares of CleanSpark during the third quarter valued at about $374,000. Kovitz Investment Group Partners LLC grew its stake in CleanSpark by 85.8% in the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock valued at $1,727,000 after acquiring an additional 85,388 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CleanSpark by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after acquiring an additional 208,862 shares in the last quarter. Quantbot Technologies LP purchased a new position in CleanSpark during the 3rd quarter worth $1,960,000. Finally, Clarity Capital Partners LLC grew its holdings in shares of CleanSpark by 100.8% in the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after acquiring an additional 87,891 shares in the last quarter. 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.