CleanSpark (NASDAQ:CLSK) Reaches New 12-Month Low - Time to Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) shares reached a new 52-week low on Tuesday . The stock traded as low as $7.35 and last traded at $7.54, with a volume of 1786904 shares. The stock had previously closed at $7.79.

Wall Street Analyst Weigh In

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

CleanSpark Stock Performance

The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 80.28 and a beta of 4.20. The company's 50 day simple moving average is $10.04 and its two-hundred day simple moving average is $10.98.

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CleanSpark (NASDAQ:CLSK - Get Free Report) last released its quarterly earnings data 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 net margin of 16.07% and a negative return on equity of 2.61%. On average, equities research analysts predict that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman S. Matthew Schultz sold 9,010 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares of the company's stock, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction on Friday, February 14th. The shares were 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 approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,186 shares of company stock valued at $246,375 over the last ninety days. Corporate insiders own 2.65% of the company's stock.

Institutional Trading of CleanSpark

A number of hedge funds have recently bought and sold shares of CLSK. Assenagon Asset Management S.A. bought a new stake in CleanSpark in the 4th quarter valued at $39,940,000. Price T Rowe Associates Inc. MD raised its stake in shares of CleanSpark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock valued at $15,538,000 after buying an additional 1,536,145 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of CleanSpark during the 4th quarter worth about $13,443,000. Shaolin Capital Management LLC bought a new position in shares of CleanSpark in the fourth quarter worth about $8,559,000. Finally, Invesco Ltd. raised its stake in shares of CleanSpark by 44.2% in the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company's stock worth $27,486,000 after acquiring an additional 914,279 shares during the last quarter. 43.12% of the stock is owned by institutional investors.

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.