CleanSpark (NASDAQ:CLSK) Sets New 12-Month Low – What’s Next?

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price hit a new 52-week low during mid-day trading 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective on the stock. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $21.57.

CleanSpark Price Performance

The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 66.55 and a beta of 4.12. The business’s 50 day moving average is $8.93 and its 200 day moving average is $10.66.

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 negative return on equity of 2.61% and a net margin of 16.07%. As a group, analysts forecast that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In related news, Director Amanda Cavaleri sold 13,000 shares of the company’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 directly owns 140,289 shares of the company’s stock, valued at $1,118,103.33. This represents a 8.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $112,071.12. Following 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 have sold 34,836 shares of company stock worth $335,945 over the last three months. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Large investors have recently modified their holdings of the company. Kovitz Investment Group Partners LLC raised its position in CleanSpark by 85.8% in the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of CleanSpark by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock valued at $20,500,000 after buying an additional 208,862 shares during the last quarter. Barclays PLC raised its holdings in shares of CleanSpark by 364.0% in the third quarter. Barclays PLC now owns 389,201 shares of the company’s stock valued at $3,634,000 after buying an additional 305,316 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of CleanSpark during the fourth quarter worth about $338,000. Finally, Arete Wealth Advisors LLC purchased a new position in shares of CleanSpark during the third quarter worth about $903,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.