Cleanspark (NASDAQ:CLSK) Given New $15.00 Price Target at JPMorgan Chase & Co.

Cleanspark (NASDAQ:CLSK) had its price objective increased by JPMorgan Chase & Co. from $14.00 to $15.00 in a report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other brokerages also recently commented on CLSK. B. Riley began coverage on Cleanspark in a research report on Tuesday, July 1st. They issued a “buy” rating and a $16.00 price target on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Cleanspark in a research report on Tuesday, July 8th. Finally, BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a research report on Friday, June 13th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $20.69.

Cleanspark Stock Up 1.8%

Shares of NASDAQ:CLSK opened at $12.03 on Monday. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -12.53 and a beta of 4.23. The business has a 50 day moving average price of $10.68 and a 200 day moving average price of $9.56. Cleanspark has a twelve month low of $6.45 and a twelve month high of $18.05.

Cleanspark (NASDAQ:CLSK) last issued 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 business had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. Cleanspark had a negative return on equity of 4.65% and a negative net margin of 35.43%. The business’s quarterly revenue was up 62.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 earnings per share. Analysts anticipate that Cleanspark will post 0.58 EPS for the current year.

Insiders Place Their Bets

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of Cleanspark stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director directly owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

Institutional investors have recently bought and sold shares of the stock. CX Institutional acquired a new stake in Cleanspark in the 1st quarter valued at $26,000. Fifth Third Bancorp boosted its stake in Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after buying an additional 1,694 shares in the last quarter. Strs Ohio acquired a new stake in Cleanspark in the 1st quarter valued at $38,000. Quarry LP acquired a new stake in Cleanspark in the 1st quarter valued at $47,000. Finally, Russell Investments Group Ltd. boosted 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 buying an additional 2,196 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.