CleanSpark (NASDAQ:CLSK) Hits New 1-Year Low – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $7.73 and last traded at $8.15, with a volume of 32253587 shares traded. The stock had previously closed at $8.90.

Analyst Ratings Changes

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

CleanSpark Stock Down 8.4 %

The business has a 50-day moving average price of $10.46 and a 200-day moving average price of $11.17. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 74.10 and a beta of 4.25.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) EPS 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 earnings per share for the current year.

Insider Activity

In related news, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’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 $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,536 shares of company stock valued at $265,748 over the last ninety days. 2.65% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. boosted its holdings in CleanSpark by 27.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 20,879 shares of the company’s stock valued at $195,000 after purchasing an additional 4,484 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of CleanSpark by 21.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after buying an additional 1,345 shares during the period. Realta Investment Advisors purchased a new stake in shares of CleanSpark in the third quarter worth about $137,000. Van ECK Associates Corp grew its holdings in CleanSpark by 64.0% during the third quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock worth $14,857,000 after acquiring an additional 620,792 shares during the period. Finally, Clarity Capital Partners LLC raised its position in CleanSpark by 100.8% during the third quarter. Clarity Capital Partners LLC now owns 175,056 shares of the company’s stock valued at $1,635,000 after acquiring an additional 87,891 shares in the last quarter. 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.