Cleanspark (NASDAQ:CLSK) Shares Gap Up on Analyst Upgrade

Cleanspark, Inc. (NASDAQ:CLSK)’s share price gapped up prior to trading on Monday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $9.73, but opened at $10.22. JPMorgan Chase & Co. now has a $14.00 price target on the stock. Cleanspark shares last traded at $10.66, with a volume of 6,371,714 shares traded.

Other equities analysts have also issued research reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Cleanspark in a research report on Wednesday, October 8th. B. Riley boosted their price objective on shares of Cleanspark from $17.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Wall Street Zen upgraded Cleanspark from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Chardan Capital increased their price target on shares of Cleanspark from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Finally, HC Wainwright set a $30.00 target price on Cleanspark and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Cleanspark presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.02.

Insider Transactions at Cleanspark

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the sale, the chief operating officer owned 120,337 shares in the company, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.65% of the company’s stock.

Institutional Trading of Cleanspark

A number of institutional investors have recently made changes to their positions in CLSK. Smartleaf Asset Management LLC grew its position in Cleanspark by 38.9% in the third quarter. Smartleaf Asset Management LLC now owns 2,660 shares of the company’s stock valued at $40,000 after purchasing an additional 745 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Cleanspark by 4.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 20,096 shares of the company’s stock worth $291,000 after buying an additional 781 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Cleanspark by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,838 shares of the company’s stock valued at $375,000 after acquiring an additional 873 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cleanspark by 7.8% in the third quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock valued at $187,000 after acquiring an additional 932 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in shares of Cleanspark by 115.5% in the third quarter. Hantz Financial Services Inc. now owns 1,748 shares of the company’s stock valued at $25,000 after acquiring an additional 937 shares during the last quarter. Institutional investors own 43.12% of the company’s stock.

Cleanspark Stock Up 18.0%

The firm has a fifty day moving average of $15.76 and a 200-day moving average of $12.25. The firm has a market cap of $3.42 billion, a P/E ratio of 13.51 and a beta of 3.79.

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.