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

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

CLSK has been the subject of a number of other reports. HC Wainwright restated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a research note on Tuesday, December 3rd. Macquarie boosted their target price on shares of CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research note on Thursday, October 3rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $23.17.

CleanSpark Price Performance

NASDAQ CLSK opened at $12.83 on Tuesday. The stock’s 50 day simple moving average is $12.59 and its 200 day simple moving average is $13.37. CleanSpark has a one year low of $6.41 and a one year high of $24.72. The firm has a market cap of $3.75 billion, a PE ratio of -22.12 and a beta of 4.16.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cetera Advisors LLC lifted its holdings in CleanSpark by 73.4% in the first quarter. Cetera Advisors LLC now owns 19,892 shares of the company’s stock valued at $422,000 after buying an additional 8,417 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in CleanSpark during the 2nd quarter worth $185,000. SteelPeak Wealth LLC raised its position in shares of CleanSpark by 3.0% during the 2nd quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company’s stock valued at $589,000 after acquiring an additional 1,066 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in shares of CleanSpark in the 2nd quarter valued at $262,000. Finally, Sara Bay Financial bought a new position in shares of CleanSpark in the 2nd quarter worth $160,000. Institutional investors own 43.12% of the company’s stock.

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.