CleanSpark (NASDAQ:CLSK) Sets New 12-Month Low – Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $7.35 and last traded at $7.54, with a volume of 1786904 shares trading hands. The stock had previously closed at $7.79.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Needham & Company LLC initiated coverage on CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. Keefe, Bruyette & Woods began coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a research report on Friday, February 7th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.25.

CleanSpark Stock Down 7.0 %

The business’s 50 day moving average is $10.21 and its 200-day moving average is $11.07. The firm has a market capitalization of $2.03 billion, a P/E ratio of 66.15 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. Research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at CleanSpark

In other CleanSpark news, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the transaction, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This trade represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,186 shares of company stock worth $246,375 over the last quarter. Corporate insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after purchasing an additional 495,367 shares during the period. Geode Capital Management LLC lifted its holdings in shares of CleanSpark by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after purchasing an additional 353,807 shares during the period. State Street Corp lifted its holdings in shares of CleanSpark by 4.5% during the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock worth $56,730,000 after purchasing an additional 261,195 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of CleanSpark during the fourth quarter worth $39,940,000. Finally, Invesco Ltd. lifted its holdings in shares of CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after purchasing an additional 914,279 shares during the period. 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.