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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CLSK shares. JPMorgan Chase & Co. upgraded shares of CleanSpark from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC started coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price for the company. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a report on Monday, January 27th. They set an “outperform” rating and a $19.00 price target on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $22.25.

CleanSpark Stock Performance

The company has a market capitalization of $2.03 billion, a PE ratio of 66.15 and a beta of 4.24. The stock’s 50 day moving average is $10.21 and its 200 day moving average is $11.07.

CleanSpark (NASDAQ:CLSK) last posted 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%. On average, equities research analysts forecast that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Transactions at CleanSpark

In other 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 value of $95,866.40. Following the transaction, the chairman now owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, 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. Insiders have sold 23,186 shares of company stock valued at $246,375 in the last quarter. Insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of CleanSpark by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock valued at $181,029,000 after purchasing an additional 495,367 shares during the last quarter. Geode Capital Management LLC boosted its position in CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock valued at $60,037,000 after buying an additional 353,807 shares during the period. State Street Corp boosted its position in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after buying an additional 261,195 shares during the period. Assenagon Asset Management S.A. purchased a new stake in CleanSpark during the 4th quarter valued at $39,940,000. Finally, Invesco Ltd. boosted its position in CleanSpark by 44.2% during the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after buying an additional 914,279 shares during the period. Institutional investors 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.