CleanSpark Stocks Dip as Opening Price Falls

CleanSpark, Inc. (NASDAQ:CLSK), a company specializing in environmentally friendly Bitcoin mining, saw its shares experience a downward gap in the market this Tuesday. The company's shares, which had closed at $16.00 in the previous session, opened significantly lower at $14.35. However, during the last trade, the share price partially recovered to $15.01, with a substantial trading volume of 15,352,100 shares.

Analyst Opinions on CleanSpark's Growth

Various Wall Street analysts have issued reports on CleanSpark's performance and prospects. Cantor Fitzgerald reaffirmed their positive 'overweight' stance with a target price of $10.00. TheStreet upgraded CleanSpark's rating from 'd' to 'c-' while BTIG Research raised their target price from $10.00 to $12.00, maintaining a 'buy' rating. HC Wainwright also supported a 'buy' rating, setting a target price of $14.00. Additionally, Sanford C. Bernstein began covering the company with an 'outperform' rating and a target price of $5.30. In summary, the consensus among the analysts is a 'Moderate Buy' for CleanSpark, with an average price target of $10.05.

Tracking CleanSpark's Trading Data

The company's trading data reveals a 50-day moving average price of $9.88 and a 200-day moving average price of $6.53, indicating a positive trend over the past several months.

Behind the Scenes: Insider and Institutional Moves

In a noteworthy insider transaction, Director Larry Mcneill sold 40,000 shares at an average price of $10.42, amounting to $416,800. Post-transaction, Mcneill retains 249,637 company shares, valued at about $2,601,217.54. Moreover, institutional investors have also been adjusting their stakes in CleanSpark. Notable changes include Ameritas Investment Partners Inc. increasing its holdings by 60.3% and Barclays PLC raising its stake by 533.2%, among other significant shifts by investors like State of Wyoming, Lazard Asset Management LLC, and DekaBank Deutsche Girozentrale. Institutional ownership currently stands at 34.06% of CleanSpark's stock.

About CleanSpark

CleanSpark, Inc. operates a network of data centers focusing on low-carbon Bitcoin mining. The company aims to foster financial independence and inclusion through its support of Bitcoin mining infrastructure. Formerly known as Stratean Inc., it rebranded to CleanSpark in November 2016.

CleanSpark, NASDAQ, Stocks