CleanSpark (NASDAQ:CLSK) Raised to Overweight at JPMorgan Chase & Co.

CleanSpark (NASDAQ:CLSK) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $17.00 target price on the stock, up from their previous target price of $10.50. JPMorgan Chase & Co.‘s target price suggests a potential upside of 32.50% from the company’s previous close.

CLSK has been the subject of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research report on Thursday, October 3rd. Macquarie boosted their price objective on shares of CleanSpark from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $23.17.

CleanSpark Stock Down 0.9 %

Shares of CleanSpark stock opened at $12.83 on Tuesday. The business has a fifty day simple moving average of $12.59 and a 200-day simple moving average of $13.37. CleanSpark has a fifty-two week low of $6.41 and a fifty-two week high of $24.72. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of -22.12 and a beta of 4.16.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cetera Advisors LLC raised its stake in CleanSpark by 73.4% during the 1st quarter. Cetera Advisors LLC now owns 19,892 shares of the company’s stock valued at $422,000 after purchasing an additional 8,417 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new stake in shares of CleanSpark in the second quarter valued at about $185,000. SteelPeak Wealth LLC grew its position in CleanSpark by 3.0% during the second quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company’s stock worth $589,000 after buying an additional 1,066 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in CleanSpark during the second quarter valued at about $262,000. Finally, Sara Bay Financial acquired a new position in CleanSpark in the 2nd quarter valued at approximately $160,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

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.