CleanSpark (NASDAQ:CLSK) Reaches New 12-Month Low – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK) hit a new 52-week low on Saturday . The stock traded as low as $7.02 and last traded at $7.19, with a volume of 26094180 shares changing hands. The stock had previously closed at $7.84.

Analyst Upgrades and Downgrades

CLSK has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased 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. Macquarie boosted their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Finally, Needham & Company LLC assumed coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 price target on the stock. Six equities 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.com, CleanSpark has an average rating of “Buy” and a consensus price target of $21.57.

CleanSpark Trading Down 8.3 %

The stock has a fifty day simple moving average of $9.33 and a two-hundred day simple moving average of $10.73. The firm has a market cap of $2.02 billion, a PE ratio of 65.37 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released 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 net margin of 16.07% and a negative return on equity of 2.61%. As a group, sell-side analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Zachary Bradford sold 10,533 shares of the firm’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 transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now owns 3,059,326 shares in the company, valued at $32,551,228.64. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock valued at $335,945 over the last 90 days. Insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of CLSK. FMR LLC grew its stake in CleanSpark by 5.0% in the third quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares during the period. Prudential Financial Inc. grew its position in shares of CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after buying an additional 1,405 shares during the period. Corebridge Financial Inc. increased its stake in shares of CleanSpark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock worth $1,139,000 after acquiring an additional 1,507 shares in the last quarter. Sigma Planning Corp lifted its position in CleanSpark by 11.9% during the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after acquiring an additional 1,865 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in CleanSpark by 13.5% during the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock worth $147,000 after acquiring an additional 1,898 shares in the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.