JPMorgan Chase & Co. Reaffirms "Neutral" Rating for Cleanspark (NASDAQ:CLSK)

Key Points

• JPMorgan Chase & Co. has reaffirmed a "neutral" rating for Cleanspark (NASDAQ:CLSK) and adjusted its target price down to $14.00, indicating a potential upside of 2.34% from the current price.
• The company reported a significant earnings surge with $0.78 EPS for the quarter, exceeding expectations and reflecting a year-over-year revenue increase of 90.8%.
• Insider trading activity includes COO Taylor Monnig selling 63,713 shares, indicating a 34.62% decrease in his ownership of the stock.

Cleanspark (NASDAQ:CLSK - Get Free Report)'s stock had its "neutral" rating reissued by equities research analysts at JPMorgan Chase & Co. in a report issued on Friday, Marketbeat reports. They presently have a $14.00 target price on the stock, down from their previous target price of $15.00. JPMorgan Chase & Co.'s target price points to a potential upside of 2.34% from the company's current price.

A number of other brokerages have also recently issued reports on CLSK. B. Riley lifted their price objective on shares of Cleanspark from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 8th. BTIG Research restated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Wall Street Zen upgraded shares of Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Cantor Fitzgerald raised their target price on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, Macquarie raised their target price on shares of Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.36.

Cleanspark Stock Down 5.3%

Cleanspark stock opened at $13.68 on Friday. The stock has a market cap of $3.85 billion, a P/E ratio of 16.09 and a beta of 3.65. Cleanspark has a twelve month low of $6.45 and a twelve month high of $17.97. The company's 50-day moving average price is $10.84 and its two-hundred day moving average price is $9.74.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The company had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same period last year, the firm earned ($1.03) earnings per share. The business's revenue for the quarter was up 90.8% on a year-over-year basis. Equities analysts anticipate that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insider Transactions at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the business's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares in the company, valued at $1,097,473.44. The trade was a 34.62% 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. 2.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cleanspark

Several hedge funds and other institutional investors have recently bought and sold shares of CLSK. CX Institutional bought a new stake in Cleanspark in the first quarter valued at $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Cleanspark in the second quarter valued at $29,000. Fifth Third Bancorp increased its stake in Cleanspark by 145.3% in the second quarter. Fifth Third Bancorp now owns 2,860 shares of the company's stock valued at $32,000 after purchasing an additional 1,694 shares in the last quarter. Strs Ohio bought a new stake in Cleanspark in the first quarter valued at $38,000. Finally, Quarry LP bought a new stake in Cleanspark in the first quarter valued at $47,000. 43.12% of the stock is owned by 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.

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