CleanSpark (NASDAQ:CLSK) Hits New 52-Week Low – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK) shares hit a new 52-week low during mid-day trading 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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CLSK. Chardan Capital raised CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research report on Monday, January 27th. They set an “outperform” rating and a $19.00 target price for the company. JPMorgan Chase & Co. reduced their price target on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, CleanSpark currently has a consensus rating of “Buy” and a consensus target price of $21.57.

CleanSpark Trading Down 8.3 %

The stock has a market cap of $2.02 billion, a P/E ratio of 65.37 and a beta of 4.20. The business’s fifty day simple moving average is $9.33 and its 200 day simple moving average is $10.72.

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

Insider Activity

In related news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $7.97, for a total value of $103,610.00. Following the completion of the sale, the director now directly owns 140,289 shares in the company, valued at $1,118,103.33. This trade represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $95,866.40. Following the transaction, the chairman now owns 2,450,010 shares in the company, valued at approximately $26,068,106.40. The trade was a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,836 shares of company stock valued at $335,945. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of CleanSpark by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 19,655,746 shares of the company’s stock worth $181,029,000 after purchasing an additional 495,367 shares during the period. Geode Capital Management LLC grew its position in shares of CleanSpark by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company’s stock worth $60,037,000 after buying an additional 353,807 shares during the period. State Street Corp raised its position in shares of CleanSpark by 4.5% in the 3rd quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after acquiring an additional 261,195 shares during the period. Assenagon Asset Management S.A. bought a new position in CleanSpark during the 4th quarter worth approximately $39,940,000. Finally, Invesco Ltd. grew its holdings in CleanSpark by 44.2% during the fourth quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock valued at $27,486,000 after purchasing an additional 914,279 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.