CleanSpark (NASDAQ:CLSK) Upgraded to “Overweight” at JPMorgan Chase & Co.

CleanSpark (NASDAQ:CLSK) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has a $17.00 price objective on the stock, up from their previous price objective of $10.50. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 25.37% from the stock’s current price.

Several other research firms have also recently weighed in on CLSK. Macquarie upped their target price on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $23.17.

CleanSpark Trading Down 9.4 %

Shares of CleanSpark stock opened at $13.56 on Tuesday. The company has a market cap of $3.97 billion, a PE ratio of -23.38 and a beta of 4.16. The company has a 50 day moving average of $12.42 and a 200-day moving average of $13.41. CleanSpark has a 1-year low of $6.41 and a 1-year high of $24.72.

Insiders Place Their Bets

In other CleanSpark news, Director Thomas Leigh Wood sold 22,222 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. The trade was a 13.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 26,272 shares of company stock valued at $254,836 in the last 90 days. Corporate insiders own 2.99% of the company’s stock.

Institutional Investors Weigh In On CleanSpark

Several institutional investors have recently added to or reduced their stakes in CLSK. Hollencrest Capital Management lifted its stake in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after buying an additional 1,000 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of CleanSpark by 470.9% in the second quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after acquiring an additional 2,119 shares during the period. KBC Group NV grew its position in shares of CleanSpark by 42.0% in the third 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 in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock valued at $75,000 after purchasing an additional 1,345 shares during the period. Finally, Doliver Advisors LP bought a new stake in shares of CleanSpark during the 3rd quarter valued at $117,000. 43.12% of the stock is 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.