JPMorgan Chase & Co. Has Lowered Expectations for CleanSpark (NASDAQ:CLSK) Stock Price

CleanSpark (NASDAQ:CLSK) had its price target trimmed by JPMorgan Chase & Co. from $17.00 to $12.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

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

CleanSpark Stock Performance

Shares of CLSK stock opened at $7.69 on Thursday. The company has a market cap of $2.16 billion, a P/E ratio of 69.92 and a beta of 4.20. CleanSpark has a fifty-two week low of $7.22 and a fifty-two week high of $24.72. The stock has a 50 day simple moving average of $9.94 and a two-hundred day simple moving average of $10.87.

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

Insider Activity at CleanSpark

In other news, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the sale, the chairman now owns 2,450,010 shares in the company, valued at $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Zachary Bradford sold 10,533 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $10.64, for a total transaction of $112,071.12. Following the transaction, the chief executive officer now owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This trade represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,186 shares of company stock valued at $246,375 over the last 90 days. Insiders own 2.65% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA bought a new position in shares of CleanSpark in the fourth quarter valued at approximately $31,000. GAMMA Investing LLC lifted its holdings in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock worth $36,000 after acquiring an additional 3,579 shares during the period. Russell Investments Group Ltd. boosted its position in CleanSpark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after purchasing an additional 2,196 shares during the last quarter. KBC Group NV grew its stake in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $69,000 after purchasing an additional 2,190 shares during the period. Finally, R Squared Ltd purchased a new stake in shares of CleanSpark during the 4th quarter valued at $101,000. Hedge funds and other 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.