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

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

Several other brokerages have also recently commented on CLSK. Macquarie boosted their price target on CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research note on Friday, February 7th. Needham & Company LLC began coverage on CleanSpark in a report on Wednesday, February 12th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $21.63.

CleanSpark Stock Down 2.3 %

Shares of CLSK stock traded down $0.18 during mid-day trading on Thursday, reaching $7.92. The company’s stock had a trading volume of 9,624,555 shares, 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 company’s 50 day simple moving average is $9.97 and its 200-day simple moving average is $10.89. The firm has a market capitalization of $2.22 billion, a PE ratio of 71.32 and a beta of 4.20.

CleanSpark (NASDAQ:CLSK) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, topping 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, research analysts anticipate that CleanSpark will post 0.58 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction, the chairman now 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 SEC, which is available through this link. Also, CEO Zachary Bradford sold 10,533 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the transaction, the chief executive officer now directly owns 3,059,326 shares of the company’s stock, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,186 shares of company stock valued at $246,375. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLSK. FMR LLC grew its stake in shares of CleanSpark by 5.0% in the third quarter. FMR LLC now owns 24,729 shares of the company’s stock valued at $231,000 after buying an additional 1,170 shares in the last quarter. Prudential Financial Inc. grew its position in shares of CleanSpark by 9.1% in the 4th quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock valued at $155,000 after acquiring an additional 1,405 shares during the period. Corebridge Financial Inc. increased its stake in shares of CleanSpark by 1.2% during the 4th quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock worth $1,139,000 after purchasing an additional 1,507 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of CleanSpark by 2.6% in the 3rd quarter. Victory Capital Management Inc. now owns 67,981 shares of the company’s stock valued at $635,000 after purchasing an additional 1,709 shares during the period. Finally, Sigma Planning Corp lifted its stake in CleanSpark by 11.9% in the 4th quarter. Sigma Planning Corp now owns 17,518 shares of the company’s stock valued at $161,000 after purchasing an additional 1,865 shares during the last quarter. 43.12% of the stock is currently owned by 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.