JPMorgan Chase & Co. Issues Positive Forecast for CleanSpark (NASDAQ:CLSK) Stock Price

CleanSpark (NASDAQ:CLSK) had its price target hoisted by JPMorgan Chase & Co. from $12.00 to $14.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Separately, Chardan Capital started coverage on shares of CleanSpark in a report on Wednesday, May 21st. They issued a “buy” rating and a $20.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark currently has a consensus rating of “Buy” and a consensus price target of $21.00.

CleanSpark Stock Down 4.2%

NASDAQ CLSK opened at $9.30 on Friday. CleanSpark has a 52 week low of $6.45 and a 52 week high of $20.64. The stock has a market capitalization of $2.61 billion, a PE ratio of 84.55 and a beta of 4.23. The firm has a 50 day moving average of $8.80 and a two-hundred day moving average of $9.66.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The company had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. During the same quarter in the previous year, the company posted $0.59 EPS. The company’s quarterly revenue was up 62.5% on a year-over-year basis. On average, equities research analysts expect that CleanSpark will post 0.58 earnings per share for the current fiscal year.

Insider Activity at CleanSpark

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the transaction, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roger Paul Beynon sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the transaction, the director now owns 125,511 shares of the company’s stock, valued at approximately $1,319,120.61. The trade was a 28.49% decrease in their position. The disclosure for this sale can be found here. 2.65% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

Large investors have recently made changes to their positions in the stock. Rhumbline Advisers increased its holdings in shares of CleanSpark by 115.8% in the 1st quarter. Rhumbline Advisers now owns 720,903 shares of the company’s stock valued at $4,844,000 after purchasing an additional 386,809 shares in the last quarter. Strs Ohio purchased a new position in shares of CleanSpark in the 1st quarter valued at about $38,000. Belpointe Asset Management LLC increased its holdings in shares of CleanSpark by 87.6% in the 1st quarter. Belpointe Asset Management LLC now owns 19,364 shares of the company’s stock valued at $130,000 after purchasing an additional 9,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of CleanSpark by 16.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock valued at $4,025,000 after purchasing an additional 86,229 shares in the last quarter. Finally, United Services Automobile Association purchased a new position in shares of CleanSpark in the 1st quarter valued at about $125,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

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.