CleanSpark (NASDAQ:CLSK) Reaches New 1-Year Low – Here’s Why

Shares of CleanSpark, Inc. (NASDAQ:CLSK) hit a new 52-week low 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.

Analysts Set New Price Targets

Several research firms have commented on CLSK. JPMorgan Chase & Co. dropped their target price on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a 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. Needham & Company LLC initiated coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target for the company. Finally, Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $21.57.

CleanSpark Stock Performance

The firm’s fifty day simple moving average is $9.01 and its 200-day simple moving average is $10.66. The stock has a market cap of $2.05 billion, a P/E ratio of 65.42 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping 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%. Analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Activity at CleanSpark

In related news, Chairman S. Matthew Schultz sold 9,010 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 transaction of $95,866.40. Following the transaction, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The sale 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 CleanSpark stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,836 shares of company stock worth $335,945 in the last 90 days. Corporate insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after buying an additional 208,862 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of CleanSpark by 8.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 139,194 shares of the company’s stock worth $1,300,000 after acquiring an additional 11,329 shares in the last quarter. FMR LLC grew its stake in shares of CleanSpark by 5.0% in the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after acquiring an additional 1,170 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of CleanSpark in the third quarter valued at about $1,573,000. Finally, Quadrature Capital Ltd bought a new position in shares of CleanSpark during the third quarter valued at about $939,000. Institutional investors and hedge funds 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.