Cleanspark (NASDAQ:CLSK) Upgraded by JPMorgan Chase & Co. to Overweight Rating

JPMorgan Chase & Co. upgraded shares of Cleanspark (NASDAQ:CLSK) from a neutral rating to an overweight rating in a research note issued to investors on Monday, Marketbeat reports. JPMorgan Chase & Co. currently has $14.00 target price on the stock.

CLSK has been the subject of a number of other research reports. Needham & Company LLC upped their target price on shares of Cleanspark from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, October 10th. BTIG Research increased their price objective on shares of Cleanspark from $22.00 to $26.00 and gave the company a “buy” rating in a report on Monday, October 13th. Cantor Fitzgerald cut their price objective on Cleanspark from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. 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. Finally, LADENBURG THALM/SH SH began coverage on Cleanspark in a report on Monday, July 28th. They set a “buy” rating and a $20.25 price target for the company. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.02.

Cleanspark Trading Up 18.0%

NASDAQ CLSK opened at $11.48 on Monday. Cleanspark has a 12 month low of $6.45 and a 12 month high of $23.61. The stock has a market cap of $3.42 billion, a PE ratio of 13.51 and a beta of 3.79. The stock’s 50 day moving average is $15.76 and its 200 day moving average is $12.25.

Insider Activity at Cleanspark

In other 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 transaction of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Cleanspark by 22.8% in the first quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company’s stock valued at $162,259,000 after acquiring an additional 4,489,866 shares during the period. Voloridge Investment Management LLC bought a new position in Cleanspark during the 3rd quarter valued at about $56,056,000. Dimensional Fund Advisors LP grew its holdings in Cleanspark by 57.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,311,221 shares of the company’s stock valued at $62,521,000 after purchasing an additional 1,564,761 shares during the last quarter. Nuveen LLC purchased a new stake in Cleanspark in the 1st quarter worth about $8,109,000. Finally, Azora Capital LP bought a new stake in Cleanspark in the third quarter worth about $15,300,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.