JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Cleanspark (NASDAQ:CLSK) Stock

Key Points

• JPMorgan Chase & Co. raised Cleanspark's price target from $14.00 to $15.00, indicating a potential upside of 26.90% from the stock's previous close.
• Cleanspark currently has a consensus rating of "Buy" from analysts, with an average price target of $20.50.
• The company has shown a 62.5% year-over-year revenue increase, despite reporting a loss of ($0.02) EPS for the latest quarter.

Cleanspark (NASDAQ:CLSK - Get Free Report) had its price target boosted by investment analysts at JPMorgan Chase & Co. from $14.00 to $15.00 in a report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 24.69% from the company's previous close.

Several other equities research analysts have also issued reports on the stock. B. Riley started coverage on shares of Cleanspark in a research note on Tuesday, July 1st. They set a "buy" rating and a $16.00 target price on the stock. Chardan Capital reissued a "buy" rating and set a $20.00 target price on shares of Cleanspark in a research note on Tuesday, July 8th. Finally, BTIG Research reissued a "buy" rating on shares of Cleanspark in a research note on Friday, June 13th. Nine 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 an average rating of "Buy" and an average price target of $20.69.

Cleanspark Trading Up 1.8%

CLSK traded up $0.21 during midday trading on Monday, hitting $12.03. 17,271,465 shares of the company were exchanged, compared to its average volume of 25,879,630. The company's 50 day simple moving average is $10.68 and its 200 day simple moving average is $9.56. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -12.53 and a beta of 4.23. Cleanspark has a 1-year low of $6.45 and a 1-year high of $18.05.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $181.71 million for the quarter, compared to analyst estimates of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. Cleanspark's revenue for the quarter was up 62.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. On average, equities analysts anticipate that Cleanspark will post 0.58 EPS for the current year.

Insiders Place Their Bets

In related news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total value of $525,500.00. Following the transaction, the director directly owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.65% of the company's stock.

Institutional Trading of Cleanspark

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after purchasing an additional 4,489,866 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Cleanspark by 1,018.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,022 shares of the company's stock valued at $15,538,000 after buying an additional 1,536,145 shares during the period. Jump Financial LLC purchased a new position in Cleanspark in the 4th quarter valued at approximately $13,443,000. Principal Financial Group Inc. boosted its position in Cleanspark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock valued at $9,327,000 after buying an additional 1,366,752 shares during the period. Finally, Nuveen LLC purchased a new position in Cleanspark in the 1st quarter valued at approximately $8,109,000. 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.