CleanSpark (NASDAQ:CLSK) Stock Price Down 7.8% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CLSK shares. Chardan Capital raised shares of CleanSpark to a “strong-buy” rating in a research report on Monday. Keefe, Bruyette & Woods started coverage on CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price target for the company. HC Wainwright restated a “buy” rating and set a $27.00 price objective on shares of CleanSpark in a report on Friday, February 7th. Macquarie lifted their target price on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. dropped their price target on CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.57.

CleanSpark Price Performance

The company has a market cap of $2.00 billion, a PE ratio of 64.80 and a beta of 4.20. The business has a fifty day simple moving average of $9.42 and a two-hundred day simple moving average of $10.73.

CleanSpark (NASDAQ:CLSK) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping 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%. On average, equities research analysts predict that CleanSpark, Inc. will post 0.58 EPS for the current year.

Insider Activity

In other news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the stock in a transaction 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 owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,836 shares of company stock worth $335,945. Corporate insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

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

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.