JPMorgan Chase & Co. Raises CleanSpark (NASDAQ:CLSK) Price Target to $15.00

CleanSpark (NASDAQ:CLSK - Get Free Report) had its price objective increased by JPMorgan Chase & Co. from $14.00 to $15.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 0.33% from the company's previous close.

Several other equities research analysts have also recently commented on CLSK. Cantor Fitzgerald boosted their price target on CleanSpark from $10.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. HC Wainwright reissued a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Wednesday, March 27th. TheStreet raised shares of CleanSpark from a "d" rating to a "c-" rating in a research report on Friday, February 9th. Chardan Capital lifted their target price on shares of CleanSpark from $13.00 to $26.00 and gave the stock a "buy" rating in a report on Monday, March 4th. Finally, BTIG Research lifted their target price on shares of CleanSpark from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.22.

CleanSpark Price Performance

Shares of CLSK traded down $0.28 during trading hours on Wednesday, reaching $15.05. The company's stock had a trading volume of 22,141,510 shares, compared to its average volume of 35,140,738. The company has a 50 day moving average of $16.69 and a two-hundred day moving average of $10.23. CleanSpark has a 1-year low of $2.87 and a 1-year high of $24.72.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.26. The business had revenue of $73.79 million during the quarter, compared to analysts' expectations of $66.06 million. CleanSpark had a negative return on equity of 16.25% and a negative net margin of 38.09%. Equities research analysts expect that CleanSpark will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Roger Paul Beynon sold 10,976 shares of the business's stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the transaction, the director now owns 141,381 shares in the company, valued at approximately $2,523,650.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Roger Paul Beynon sold 10,976 shares of the business's stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $17.85, for a total transaction of $195,921.60. Following the transaction, the director now owns 141,381 shares in the company, valued at approximately $2,523,650.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Zachary Bradford sold 443,000 shares of the business's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.31, for a total transaction of $8,997,330.00. Following the transaction, the chief executive officer now owns 2,795,863 shares in the company, valued at approximately $56,783,977.53. The disclosure for this sale can be found here. Insiders have sold 1,169,620 shares of company stock worth $24,963,509 in the last quarter. 3.46% of the stock is currently owned by company insiders.

Institutional Trading of CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. increased its stake in CleanSpark by 60.3% in the second quarter. Ameritas Investment Partners Inc. now owns 5,717 shares of the company's stock valued at $25,000 after acquiring an additional 2,150 shares during the period. Barclays PLC increased its stake in CleanSpark by 533.2% in the fourth quarter. Barclays PLC now owns 12,253 shares of the company's stock valued at $25,000 after acquiring an additional 10,318 shares during the period. State of Wyoming bought a new stake in CleanSpark in the second quarter valued at about $27,000. Lazard Asset Management LLC increased its stake in CleanSpark by 3,177.3% in the third quarter. Lazard Asset Management LLC now owns 7,931 shares of the company's stock valued at $29,000 after acquiring an additional 7,689 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in CleanSpark in the third quarter valued at about $30,000. 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.