Cleanspark (NASDAQ:CLSK) Shares Gap Up

Cleanspark (NASDAQ:CLSK) shares gapped up, opening at $14.62 from a previous close of $14.08, and last traded at $14.76 with a volume of 6,100,700 shares. Analysts have mixed ratings: JPMorgan upgraded to 'overweight', Wall Street Zen downgraded to 'sell', and Macquarie and HC Wainwright reduced their target prices but maintained 'buy' ratings. The stock has a consensus rating of 'Moderate Buy' with an average price target of $23.20. Cleanspark operates as a bitcoin miner with a market cap of $3.71 billion.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $14.08, but opened at $14.62. Cleanspark shares last traded at $14.76, with a volume of 6,100,700 shares trading hands.

Wall Street Analysts Forecast Growth

CleanSpark Secures $1.15B, Stock Drops—Here's Why It's an Opportunity

Several equities analysts have issued reports on CLSK shares. JPMorgan Chase & Co. upgraded Cleanspark from a "neutral" rating to an "overweight" rating and set a $14.00 price objective for the company in a research report on Monday, November 24th. Wall Street Zen downgraded shares of Cleanspark from a "hold" rating to a "sell" rating in a research report on Friday. Macquarie reduced their target price on shares of Cleanspark from $30.00 to $27.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 26th. HC Wainwright dropped their price target on shares of Cleanspark from $30.00 to $27.00 and set a "buy" rating for the company in a research note on Wednesday, November 26th. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Cleanspark in a research note on Wednesday, November 26th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.20.

Get Our Latest Analysis on Cleanspark

Cleanspark Stock Up 3.1%

The Side of Rate Cuts Nobody Is Telling You About

The company has a debt-to-equity ratio of 0.30, a current ratio of 4.18 and a quick ratio of 4.18. The firm has a 50-day moving average of $15.85 and a 200 day moving average of $12.39. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 13.09 and a beta of 3.79.

Insider Buying and Selling at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer directly owned 120,337 shares in the company, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

As Bitcoin Hits New Highs, These 3 Stocks Could Explode

A number of hedge funds and other institutional investors have recently modified their holdings of CLSK. CIBC Private Wealth Group LLC raised its holdings in shares of Cleanspark by 5,081.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the company's stock valued at $44,000 after purchasing an additional 2,947 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Cleanspark in the third quarter valued at $429,000. Advisory Services Network LLC raised its position in shares of Cleanspark by 12.5% in the third quarter. Advisory Services Network LLC now owns 19,407 shares of the company's stock valued at $281,000 after purchasing an additional 2,157 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Cleanspark by 1,694.8% during the 3rd quarter. NewEdge Advisors LLC now owns 10,948 shares of the company's stock worth $159,000 after buying an additional 10,338 shares during the period. Finally, Caxton Associates LLP acquired a new position in Cleanspark in the 3rd quarter valued at about $360,000. Institutional investors own 43.12% of the company's stock.

Cleanspark Company Profile

(Get Free Report)

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.

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Cleanspark (NASDAQ:CLSK) Shares Gap Up - Here's Why