CleanSpark (NASDAQ:CLSK) Sets New 12-Month Low - Here's Why

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $7.73 and last traded at $8.15, with a volume of 32253587 shares trading hands. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. HC Wainwright reaffirmed a "buy" rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, February 7th. Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They set a "buy" rating and a $20.00 target price for the company. Keefe, Bruyette & Woods assumed coverage on CleanSpark in a report on Monday, January 27th. They set an "outperform" rating and a $19.00 target price for the company. JPMorgan Chase & Co. raised CleanSpark from a "neutral" rating to an "overweight" rating and upped their target price for the company from $10.50 to $17.00 in a report on Tuesday, December 10th. Finally, Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark presently has an average rating of "Buy" and a consensus price target of $22.25.

CleanSpark Stock Performance

The firm has a 50 day moving average of $10.26 and a 200-day moving average of $11.10. The stock has a market capitalization of $2.24 billion, a PE ratio of 72.64 and a beta of 4.24.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued 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%. On average, sell-side analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insiders Place Their Bets

In other CleanSpark news, Chairman S. Matthew Schultz sold 9,010 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 $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 trade represents a 0.37 % decrease in their position. 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 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 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. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

A number of hedge funds have recently modified their holdings of CLSK. Compagnie Lombard Odier SCmA bought a new stake in shares of CleanSpark in the 4th quarter worth approximately $31,000. GAMMA Investing LLC lifted its position in shares of CleanSpark by 962.1% during the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock worth $36,000 after buying an additional 3,579 shares during the period. Hollencrest Capital Management lifted its position in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $37,000 after buying an additional 1,000 shares during the period. Russell Investments Group Ltd. lifted its position in shares of CleanSpark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after buying an additional 2,196 shares during the period. Finally, KBC Group NV lifted its position in shares of CleanSpark by 42.0% during the 3rd quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $69,000 after buying an additional 2,190 shares during the period. Institutional investors own 43.12% of the company's stock.

CleanSpark Company Profile

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.