CleanSpark (NASDAQ:CLSK) Trading Down 5.4% - Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) fell 5.4% during trading on Friday . The company traded as low as $7.38 and last traded at $7.33. 7,719,492 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 28,703,451 shares. The stock had previously closed at $7.75.

Wall Street Analyst Weigh In

CLSK has been the subject of a number of recent research reports. Needham & Company LLC initiated coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They set a "buy" rating and a $20.00 price target for the company. Keefe, Bruyette & Woods began coverage on shares of 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. decreased their target price on shares of CleanSpark from $17.00 to $12.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Macquarie increased their price target on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Finally, HC Wainwright reissued a "buy" rating and issued a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $21.57.

CleanSpark Stock Performance

The firm has a market capitalization of $2.39 billion, a PE ratio of 77.78 and a beta of 4.20. The firm's 50 day moving average price is $9.58 and its 200-day moving average price is $10.76.

Remove Ads

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 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%. On average, equities research analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman S. Matthew Schultz sold 9,010 shares of CleanSpark 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 sale, the chairman now directly owns 2,450,010 shares of the company's stock, valued at $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amanda Cavaleri sold 13,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the transaction, the director now directly owns 140,289 shares of the company's stock, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,186 shares of company stock worth $349,985. Company insiders own 2.65% of the company's stock.

Institutional Investors Weigh In On CleanSpark

A number of large investors have recently modified their holdings of CLSK. Victory Capital Management Inc. grew its stake in CleanSpark by 2.6% during the 3rd quarter. Victory Capital Management Inc. now owns 67,981 shares of the company's stock valued at $635,000 after acquiring an additional 1,709 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of CleanSpark in the third quarter valued at approximately $374,000. Intech Investment Management LLC acquired a new stake in shares of CleanSpark in the third quarter valued at approximately $674,000. Charles Schwab Investment Management Inc. lifted its position in CleanSpark by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company's stock worth $20,500,000 after buying an additional 208,862 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in CleanSpark by 8.9% during the third quarter. The Manufacturers Life Insurance Company now owns 139,194 shares of the company's stock worth $1,300,000 after buying an additional 11,329 shares during the last quarter. Hedge funds and other 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.