CleanSpark (NASDAQ:CLSK) Sets New 1-Year Low - Here's Why

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report)'s share price 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 trading hands. The stock had previously closed at $7.84.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CLSK shares. Chardan Capital raised CleanSpark to a "strong-buy" rating in a research note on Monday, March 24th. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a research note on Friday, February 7th. Macquarie increased their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an "outperform" rating and a $19.00 price target on the stock. Finally, Needham & Company LLC started coverage on CleanSpark in a research note on Wednesday, February 12th. They set a "buy" rating and a $20.00 price objective for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, CleanSpark currently has a consensus rating of "Buy" and an average target price of $21.57.

CleanSpark Trading Up 4.3 %

The firm's 50-day simple moving average is $9.16 and its two-hundred day simple moving average is $10.70. The stock has a market capitalization of $2.21 billion, a PE ratio of 71.82 and a beta of 4.20.

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CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (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%. As a group, research analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Zachary Bradford sold 10,533 shares of the firm's 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 directly owns 3,059,326 shares of the company's stock, valued at $32,551,228.64. This trade represents a 0.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amanda Cavaleri sold 13,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the transaction, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,836 shares of company stock worth $335,945 in the last quarter. 2.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CleanSpark

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Compagnie Lombard Odier SCmA acquired a new stake in shares of CleanSpark in the fourth quarter valued at about $31,000. GAMMA Investing LLC grew its holdings in CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company's stock valued at $36,000 after buying an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. increased its position in CleanSpark by 60.0% in 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. KBC Group NV lifted its holdings in shares of CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company's stock worth $93,000 after buying an additional 2,700 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of CleanSpark in the fourth quarter valued at approximately $101,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.