CleanSpark (NASDAQ:CLSK) Reaches New 12-Month Low - Should You Sell?

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

Wall Street Analyst Weigh In

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

CleanSpark Trading Down 2.5 %

The firm has a market capitalization of $2.19 billion, a P/E ratio of 70.82 and a beta of 4.24. The company has a 50-day moving average of $10.26 and a 200-day moving average of $11.10.

CleanSpark (NASDAQ:CLSK - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Research analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark stock in a transaction dated 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 transaction, the chairman now directly owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. This trade represents a 0.37 % 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 business's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CleanSpark

Several large investors have recently added to or reduced their stakes in CLSK. Hollencrest Capital Management boosted its holdings 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 in the last quarter. FMR LLC boosted its stake in CleanSpark by 5.0% during the third quarter. FMR LLC now owns 24,729 shares of the company's stock worth $231,000 after acquiring an additional 1,170 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in CleanSpark by 21.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company's stock worth $75,000 after purchasing an additional 1,345 shares during the period. Prudential Financial Inc. increased its stake in CleanSpark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares in the last quarter. Finally, Corebridge Financial Inc. raised its holdings in shares of CleanSpark by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock valued at $1,139,000 after purchasing an additional 1,507 shares during the period. Institutional investors and hedge funds 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.