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

Shares of CleanSpark, Inc. (NASDAQ:CLSK) gapped up before the market opened on Friday . The stock had previously closed at $11.18, but opened at $11.83. CleanSpark shares last traded at $12.04, with a volume of 5,095,317 shares changing hands.

Wall Street Analysts Forecast Growth

CLSK has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised shares of 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 report on Tuesday, December 10th. 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 note on Wednesday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $23.17.

CleanSpark Stock Up 10.0 %

The business’s 50 day moving average is $12.41 and its 200-day moving average is $12.25. The firm has a market cap of $3.60 billion, a P/E ratio of -21.19 and a beta of 4.26.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC bought a new stake in shares of CleanSpark in the third quarter worth $374,000. Kovitz Investment Group Partners LLC increased its stake in CleanSpark by 85.8% during the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock valued at $1,727,000 after purchasing an additional 85,388 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after purchasing an additional 208,862 shares during the last quarter. Quantbot Technologies LP bought a new stake in CleanSpark during the third quarter valued at $1,960,000. Finally, Clarity Capital Partners LLC increased its stake in CleanSpark by 100.8% during the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after purchasing an additional 87,891 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

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.