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

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

Analyst Upgrades and Downgrades

CLSK has been the subject of several research reports. Keefe, Bruyette & Woods initiated coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. 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 report on Wednesday, December 4th. JPMorgan Chase & Co. lowered their price target 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. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Finally, Needham & Company LLC began coverage on shares of CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $21.57.

CleanSpark Stock Performance

The stock has a market cap of $2.09 billion, a P/E ratio of 67.64 and a beta of 4.20. The firm’s 50 day moving average is $9.61 and its 200 day moving average is $10.74.

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

Insider Buying and Selling at CleanSpark

In other 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 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. This represents a 0.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Zachary Bradford sold 10,533 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 $112,071.12. Following the completion of the sale, the chief executive officer now directly owns 3,059,326 shares in the company, valued at $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. In the last quarter, insiders have sold 23,186 shares of company stock worth $246,375. 2.65% of the stock is owned by corporate insiders.

Institutional Trading of CleanSpark

Large investors have recently made changes to their positions in the business. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the 4th quarter valued at $31,000. GAMMA Investing LLC boosted its holdings in shares of CleanSpark by 962.1% in the 4th quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after acquiring an additional 3,579 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock valued at $54,000 after acquiring an additional 2,196 shares during the last quarter. KBC Group NV boosted its holdings in shares of CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after acquiring an additional 2,190 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in shares of CleanSpark in the 4th quarter valued at $101,000. 43.12% of the stock is owned by hedge funds and other 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.