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

Cleanspark, Inc. (NASDAQ:CLSK) gapped down before the market opened on Tuesday . The stock had previously closed at $11.48, but opened at $11.03. Cleanspark shares last traded at $11.0220, with a volume of 5,364,024 shares.

Analysts Set New Price Targets

CLSK has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a research note on Wednesday, October 8th. HC Wainwright set a $30.00 price target on Cleanspark and gave the company a “buy” rating in a research report on Wednesday, October 29th. Wall Street Zen raised Cleanspark from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. B. Riley lifted their target price on Cleanspark from $17.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Finally, Macquarie upped their price target on shares of Cleanspark from $20.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.02.

Cleanspark Stock Performance

The company has a market cap of $3.30 billion, a P/E ratio of 13.01 and a beta of 3.79. The firm has a 50 day moving average price of $15.76 and a 200-day moving average price of $12.25.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares in the company, valued at $1,097,473.44. This trade represents a 34.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Hantz Financial Services Inc. lifted its position in Cleanspark by 115.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock worth $25,000 after acquiring an additional 937 shares during the last quarter. Quarry LP bought a new position in shares of Cleanspark in the third quarter worth about $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Cleanspark during the 2nd quarter worth about $29,000. Fifth Third Bancorp boosted its stake in Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares during the period. Finally, Salomon & Ludwin LLC bought a new stake in Cleanspark during the 3rd quarter valued at approximately $32,000. 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.