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

CleanSpark (NASDAQ:CLSK - Get Free Report) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $12.00 to $14.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 50.54% from the stock's previous close.

Separately, Chardan Capital began coverage on shares of CleanSpark in a research report on Wednesday, May 21st. They issued a "buy" rating and a $20.00 price objective on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, CleanSpark presently has a consensus rating of "Buy" and a consensus target price of $21.00.

CleanSpark Trading Down 4.2%

Shares of CleanSpark stock traded down $0.41 during trading on Friday, reaching $9.30. The company's stock had a trading volume of 28,019,377 shares, compared to its average volume of 27,954,919. The company has a 50-day moving average price of $8.80 and a two-hundred day moving average price of $9.66. The firm has a market cap of $2.61 billion, a PE ratio of 84.55 and a beta of 4.23. CleanSpark has a fifty-two week low of $6.45 and a fifty-two week high of $20.64.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). CleanSpark had a net margin of 16.07% and a negative return on equity of 2.61%. The firm had revenue of $181.71 million during the quarter, compared to analysts' expectations of $196.43 million. During the same quarter last year, the business earned $0.59 earnings per share. The business's quarterly revenue was up 62.5% on a year-over-year basis. On average, analysts predict that CleanSpark will post 0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Amanda Cavaleri sold 13,000 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total value of $103,610.00. Following the sale, the director now directly owns 140,289 shares in the company, valued at $1,118,103.33. The trade was a 8.48% decrease in their position. 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 business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director now owns 125,511 shares in the company, valued at $1,319,120.61. This represents 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.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently made changes to their positions in the business. CX Institutional purchased a new stake in shares of CleanSpark in the 1st quarter worth about $26,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the 4th quarter worth about $31,000. Strs Ohio purchased a new stake in shares of CleanSpark in the 1st quarter worth about $38,000. Quarry LP purchased a new stake in shares of CleanSpark in the 1st quarter worth about $47,000. Finally, Russell Investments Group Ltd. raised its stake in CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after purchasing an additional 2,196 shares during the last quarter. 43.12% of the stock is currently owned by hedge funds and other institutional investors.

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.