CleanSpark (NASDAQ:CLSK) Reaches New 1-Year Low - Here's What Happened

Shares of CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) 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. The stock had previously closed at $7.41.

Analyst Upgrades and Downgrades

CLSK has been the topic of several research reports. Needham & Company LLC started coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. JPMorgan Chase & Co. decreased their price target on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a report on Monday, January 27th. They set an "outperform" rating and a $19.00 target price on the stock. Finally, Chardan Capital upgraded shares of CleanSpark to a "strong-buy" rating in a research note on Monday, March 24th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, CleanSpark currently has an average rating of "Buy" and a consensus target price of $21.57.

CleanSpark Stock Performance

The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 69.37 and a beta of 4.12. The company's fifty day simple moving average is $8.74 and its two-hundred day simple moving average is $10.62.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its earnings results 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%. Sell-side analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Transactions at CleanSpark

In related news, CEO Zachary Bradford sold 10,533 shares of the company's stock in a transaction 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 transaction, the chief executive officer now directly owns 3,059,326 shares of the company's stock, valued at approximately $32,551,228.64. The trade was a 0.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction 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 trade represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock valued at $335,945 in the last quarter. Insiders own 2.65% of the company's stock.

Institutional Trading of CleanSpark

Several large investors have recently made changes to their positions in CLSK. Vanguard Group Inc. lifted its position in CleanSpark by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company's stock worth $181,029,000 after acquiring an additional 495,367 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock worth $60,037,000 after purchasing an additional 353,807 shares during the last quarter. State Street Corp boosted its stake in CleanSpark by 4.5% during the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company's stock valued at $56,730,000 after purchasing an additional 261,195 shares during the period. Assenagon Asset Management S.A. acquired a new stake in CleanSpark in the 4th quarter valued at approximately $39,940,000. Finally, Invesco Ltd. increased its position in CleanSpark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock worth $27,486,000 after buying an additional 914,279 shares during the period. Institutional investors 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.