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

CleanSpark, Inc. (NASDAQ:CLSK)’s stock price hit a new 52-week low on Friday . The company traded as low as $6.50 and last traded at $6.94, with a volume of 8539526 shares. The stock had previously closed at $7.41.

Wall Street Analyst Weigh In

Several analysts have commented on CLSK shares. Keefe, Bruyette & Woods began coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. JPMorgan Chase & Co. reduced their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Needham & Company LLC initiated coverage on CleanSpark in a research report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price for the company. Finally, Chardan Capital raised CleanSpark to a “strong-buy” rating in a research report on Monday, March 24th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.57.

CleanSpark Stock Down 1.6 %

The company has a 50-day moving average of $9.01 and a 200 day moving average of $10.66. The firm has a market capitalization of $2.05 billion, a PE ratio of 65.42 and a beta of 4.12.

CleanSpark (NASDAQ:CLSK) last announced 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%. As a group, equities analysts anticipate that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total value 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. The trade was a 8.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,836 shares of company stock valued at $335,945. Insiders own 2.65% of the company’s stock.

Institutional Trading of CleanSpark

Institutional investors have recently modified their holdings of the company. Compagnie Lombard Odier SCmA purchased a new stake in CleanSpark in the 4th quarter worth approximately $31,000. GAMMA Investing LLC boosted its holdings in CleanSpark by 962.1% in the fourth 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 in the last quarter. Russell Investments Group Ltd. boosted its holdings in CleanSpark by 60.0% in the fourth 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 in the last quarter. KBC Group NV raised its holdings in CleanSpark by 36.5% in the 4th quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after purchasing an additional 2,700 shares in the last quarter. Finally, R Squared Ltd bought a new position in CleanSpark in the fourth quarter worth about $101,000. 43.12% of the stock is currently owned by hedge funds and other 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.