CleanSpark (NASDAQ:CLSK) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

CleanSpark (NASDAQ:CLSK - Get Free Report) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $12.00 to $14.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 45.53% from the company's previous close.

Separately, Chardan Capital began coverage on CleanSpark in a report on Wednesday, May 21st. They set a "buy" rating and a $20.00 price objective for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, CleanSpark has an average rating of "Buy" and an average target price of $21.00.

CleanSpark Trading Up 3.4%

NASDAQ CLSK traded up $0.32 during trading on Friday, reaching $9.62. The company's stock had a trading volume of 29,515,813 shares, compared to its average volume of 27,926,769. CleanSpark has a 1-year low of $6.45 and a 1-year high of $20.64. The business has a 50-day moving average price of $8.80 and a 200-day moving average price of $9.60. The stock has a market capitalization of $2.70 billion, a PE ratio of 87.46 and a beta of 4.23.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $181.71 million during the quarter, compared to analyst estimates of $196.43 million. CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. CleanSpark's quarterly revenue was up 62.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. As a group, analysts expect that CleanSpark will post 0.58 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was 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 directly owns 140,289 shares of the company's stock, valued at $1,118,103.33. This represents a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Paul Beynon sold 50,000 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On CleanSpark

Large investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in CleanSpark during the fourth quarter worth $338,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in CleanSpark by 68.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 281,783 shares of the company's stock valued at $2,595,000 after purchasing an additional 114,674 shares during the last quarter. Quadrant Capital Group LLC acquired a new position in shares of CleanSpark during the 4th quarter worth approximately $734,000. Algert Global LLC increased its position in shares of CleanSpark by 284.1% during the 4th quarter. Algert Global LLC now owns 198,862 shares of the company's stock worth $1,832,000 after purchasing an additional 147,086 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of CleanSpark by 27.7% in the fourth quarter. Ameriprise Financial Inc. now owns 291,391 shares of the company's stock valued at $2,684,000 after buying an additional 63,123 shares in the last quarter. 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.