CleanSpark (NASDAQ:CLSK) Hits New 12-Month Low – Here’s Why

CleanSpark, Inc. (NASDAQ:CLSK) reached a new 52-week low on Saturday . The company traded as low as $7.02 and last traded at $7.19, with a volume of 26094180 shares traded. The stock had previously closed at $7.84.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CLSK. Macquarie lifted their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Keefe, Bruyette & Woods initiated coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Finally, 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 price target on the stock. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $21.57.

CleanSpark Price Performance

The company has a market cap of $2.02 billion, a price-to-earnings ratio of 65.37 and a beta of 4.20. The firm has a fifty day simple moving average of $9.33 and a 200 day simple moving average of $10.72.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping 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%. Analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Buying and Selling

In other CleanSpark news, Chairman S. Matthew Schultz sold 9,010 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were 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 in the company, valued at $26,068,106.40. This trade represents a 0.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $1,118,103.33. This represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,836 shares of company stock valued at $335,945. Insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of CleanSpark by 5.0% during the 3rd quarter. FMR LLC now owns 24,729 shares of the company’s stock worth $231,000 after purchasing an additional 1,170 shares in the last quarter. Prudential Financial Inc. increased its holdings in CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock valued at $155,000 after buying an additional 1,405 shares during the period. Corebridge Financial Inc. raised its stake in shares of CleanSpark by 1.2% in the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after buying an additional 1,507 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of CleanSpark by 2.6% during the 3rd quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock worth $635,000 after acquiring an additional 1,709 shares during the period. Finally, Sigma Planning Corp boosted its position in shares of CleanSpark by 11.9% during the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after acquiring an additional 1,865 shares in the last quarter. 43.12% of the stock is currently owned by institutional investors.

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.