CleanSpark (NASDAQ:CLSK) Price Target Raised to $14.00

CleanSpark (NASDAQ:CLSK) had its target price increased by JPMorgan Chase & Co. from $12.00 to $14.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, Chardan Capital began coverage on shares of CleanSpark in a research note on Wednesday, May 21st. They set a “buy” rating and a $20.00 target price for the company. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, CleanSpark has an average rating of “Buy” and an average price target of $21.00.

CleanSpark Price Performance

Shares of NASDAQ CLSK opened at $9.30 on Friday. The firm has a fifty day moving average price of $8.80 and a 200-day moving average price of $9.60. The stock has a market cap of $2.61 billion, a PE ratio of 84.55 and a beta of 4.23. CleanSpark has a 1 year low of $6.45 and a 1 year high of $20.64.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). The firm had revenue of $181.71 million during the quarter, compared to analysts’ expectations of $196.43 million. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. The business’s revenue for the quarter was up 62.5% on a year-over-year basis. During the same period last year, the company earned $0.59 earnings per share. On average, research analysts expect that CleanSpark will post 0.58 EPS for the current year.

Insiders Place Their Bets

In other news, Director Amanda Cavaleri sold 13,000 shares of CleanSpark stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company’s stock, valued at approximately $1,118,103.33. The trade was a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Roger Paul Beynon sold 50,000 shares of CleanSpark stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director now directly owns 125,511 shares of the company’s stock, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The disclosure for this sale can be found here. 2.65% of the stock is owned by insiders.

Hedge Funds Weigh In On CleanSpark

A number of large investors have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in CleanSpark by 115.8% in the first quarter. Rhumbline Advisers now owns 720,903 shares of the company’s stock worth $4,844,000 after buying an additional 386,809 shares in the last quarter. Strs Ohio bought a new position in CleanSpark in the first quarter worth approximately $38,000. Belpointe Asset Management LLC raised its stake in CleanSpark by 87.6% in the first quarter. Belpointe Asset Management LLC now owns 19,364 shares of the company’s stock worth $130,000 after buying an additional 9,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in CleanSpark by 16.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 598,994 shares of the company’s stock worth $4,025,000 after buying an additional 86,229 shares in the last quarter. Finally, United Services Automobile Association bought a new position in CleanSpark in the first quarter worth approximately $125,000. 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.