CleanSpark (NASDAQ:CLSK) Stock Price Down 7.8% – Should You Sell?

Shares of CleanSpark, Inc. (NASDAQ:CLSK) traded down 7.8% during mid-day trading on Friday . The company traded as low as $7.25 and last traded at $7.24. 4,338,647 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 28,668,692 shares. The stock had previously closed at $7.85.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CLSK. JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Macquarie lifted their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Chardan Capital raised CleanSpark to a “strong-buy” rating in a report on Monday, March 24th. Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target for the company. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, CleanSpark presently has a consensus rating of “Buy” and a consensus price target of $21.57.

CleanSpark Trading Down 8.3 %

The firm has a market capitalization of $2.02 billion, a P/E ratio of 65.37 and a beta of 4.20. The business’s fifty day moving average is $9.33 and its 200 day moving average is $10.72.

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

Insider Buying and Selling at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the sale, the director now owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 3,059,326 shares of the company’s stock, valued at $32,551,228.64. The trade was a 0.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Large investors have recently made changes to their positions in the business. Kovitz Investment Group Partners LLC grew its position 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after acquiring an additional 208,862 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of CleanSpark in the third quarter worth $674,000. Barclays PLC raised its holdings in shares of CleanSpark by 364.0% during the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock worth $3,634,000 after acquiring an additional 305,316 shares in the last quarter. Finally, Arete Wealth Advisors LLC acquired a new stake in CleanSpark during the third quarter valued at $903,000. 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.