CleanSpark (NASDAQ:CLSK) Stock Price Down 7.8% – Should You Sell?

CleanSpark, Inc. (NASDAQ:CLSK) traded down 7.8% during mid-day trading on Friday . The company traded as low as $7.25 and last traded at $7.24. 4,338,647 shares were traded during mid-day trading, a decline of 85% from the average session volume of 28,668,692 shares. The stock had previously closed at $7.85.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CLSK shares. Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a research note on Monday, March 24th. Macquarie increased their target price 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. 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. JPMorgan Chase & Co. lowered their price objective on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Needham & Company LLC assumed coverage on CleanSpark in a report on Wednesday, February 12th. They issued a “buy” rating and a $20.00 target price for the company. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $21.57.

CleanSpark Stock Down 8.3 %

The company has a 50-day moving average price of $9.33 and a 200-day moving average price of $10.72. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 65.37 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last released its 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 negative return on equity of 2.61% and a net margin of 16.07%. Equities analysts expect that CleanSpark, Inc. will post 0.58 EPS for the current fiscal year.

Insider Transactions at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the sale, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 completion of the transaction, the chairman now 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,836 shares of company stock worth $335,945. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in shares of CleanSpark during the 4th quarter valued at about $39,940,000. Price T Rowe Associates Inc. MD boosted its holdings in CleanSpark by 1,018.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company’s stock valued at $15,538,000 after purchasing an additional 1,536,145 shares in the last quarter. Jump Financial LLC acquired a new stake in CleanSpark during the fourth quarter valued at approximately $13,443,000. Shaolin Capital Management LLC bought a new stake in shares of CleanSpark in the 4th quarter valued at approximately $8,559,000. Finally, Invesco Ltd. raised its holdings in shares of CleanSpark by 44.2% in the 4th quarter. Invesco Ltd. now owns 2,984,362 shares of the company’s stock worth $27,486,000 after buying an additional 914,279 shares in the last quarter. 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.