JPMorgan Chase & Co. Lowers CleanSpark (NASDAQ:CLSK) Price Target to $12.00

CleanSpark (NASDAQ:CLSK) had its price objective decreased by JPMorgan Chase & Co. from $17.00 to $12.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 51.59% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Friday, February 7th. Macquarie upped their price objective on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC assumed coverage on shares of CleanSpark in a research report on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Keefe, Bruyette & Woods assumed coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $21.63.

CleanSpark Stock Performance

Shares of NASDAQ CLSK traded down $0.18 during midday trading on Thursday, hitting $7.92. 9,624,555 shares of the company traded hands, compared to its average volume of 29,069,329. CleanSpark has a 12-month low of $7.22 and a 12-month high of $24.72. The firm has a market cap of $2.22 billion, a P/E ratio of 71.32 and a beta of 4.20. The stock has a 50-day moving average price of $9.97 and a 200 day moving average price of $10.89.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities analysts expect that CleanSpark will post 0.58 earnings per share for the current year.

Insider Transactions at CleanSpark

In other CleanSpark news, Chairman S. Matthew Schultz sold 9,010 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $95,866.40. Following the completion of the sale, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at $26,068,106.40. This represents a 0.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. The trade was a 0.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,186 shares of company stock worth $246,375. Insiders own 2.65% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC acquired a new position in shares of CleanSpark during the third quarter worth about $374,000. Kovitz Investment Group Partners LLC lifted its holdings in CleanSpark by 85.8% in the third quarter. Kovitz Investment Group Partners LLC now owns 184,950 shares of the company’s stock valued at $1,727,000 after acquiring an additional 85,388 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after purchasing an additional 208,862 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of CleanSpark during the 3rd quarter worth $1,960,000. Finally, Intech Investment Management LLC purchased a new position in shares of CleanSpark in the 3rd quarter valued at about $674,000. 43.12% of the stock is currently owned by hedge funds and other 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.