CleanSpark (NASDAQ:CLSK) Sets New 12-Month Low – What’s Next?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) reached a new 52-week low during trading on Friday . The company traded as low as $6.50 and last traded at $6.94, with a volume of 8539526 shares traded. The stock had previously closed at $7.41.

Wall Street Analysts Forecast Growth

CLSK has been the subject of several research analyst reports. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a research report on Monday, March 24th. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Keefe, Bruyette & Woods began coverage on CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.57.

CleanSpark Stock Down 1.2 %

The stock has a 50-day moving average of $8.93 and a 200 day moving average of $10.66. The stock has a market cap of $2.06 billion, a PE ratio of 66.55 and a beta of 4.12.

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

Insider Activity

In related news, CEO Zachary Bradford sold 10,533 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $112,071.12. Following the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the transaction, the chairman now owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $335,945 in the last 90 days. Company insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in 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 buying an additional 495,367 shares during the period. Geode Capital Management LLC boosted its position in shares of CleanSpark by 5.7% during the 4th 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 increased its holdings in CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after purchasing an additional 261,195 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in CleanSpark in the 4th quarter valued at approximately $39,940,000. Finally, Invesco Ltd. raised its position in CleanSpark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after purchasing an additional 914,279 shares during the period. 43.12% of the stock is owned by institutional investors and hedge funds.

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.