JPMorgan Chase & Co. Trims Position in CleanSpark, Inc. (NASDAQ:CLSK)

JPMorgan Chase & Co. reduced its holdings in CleanSpark, Inc. (NASDAQ:CLSK - Free Report) by 79.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 289,591 shares of the company's stock after selling 1,137,916 shares during the period. JPMorgan Chase & Co. owned about 0.10% of CleanSpark worth $2,667,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Prudential Financial Inc. boosted its holdings in CleanSpark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares during the last quarter. Corebridge Financial Inc. boosted its stake in shares of CleanSpark by 1.2% in the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company's stock worth $1,139,000 after buying an additional 1,507 shares during the last quarter. Sigma Planning Corp grew its holdings in CleanSpark by 11.9% during the fourth quarter. Sigma Planning Corp now owns 17,518 shares of the company's stock worth $161,000 after acquiring an additional 1,865 shares during the period. KBC Group NV raised its position in CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company's stock valued at $93,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in CleanSpark by 19.2% in the fourth quarter. Xponance Inc. now owns 17,901 shares of the company's stock valued at $165,000 after acquiring an additional 2,886 shares during the period. Institutional investors and hedge funds own 43.12% of the company's stock.

CleanSpark Stock Up 17.4 %

CLSK opened at $8.77 on Wednesday. CleanSpark, Inc. has a twelve month low of $6.45 and a twelve month high of $21.39. The company has a market cap of $2.46 billion, a PE ratio of 79.73 and a beta of 4.12. The company has a 50-day moving average price of $8.06 and a 200 day moving average price of $10.48.

CleanSpark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating 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, sell-side analysts expect that CleanSpark, Inc. will post 0.58 earnings per share for the current year.

Insider Activity at CleanSpark

In other news, Director Amanda Cavaleri sold 13,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now owns 140,289 shares of the company's stock, valued at $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Zachary Bradford sold 10,533 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 transaction of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares of the company's stock, valued at $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. In the last ninety days, insiders sold 34,836 shares of company stock valued at $335,945. 2.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a report on Monday, January 27th. They set an "outperform" rating and a $19.00 target price for the company. Needham & Company LLC started coverage on shares of CleanSpark in a report on Wednesday, February 12th. They issued a "buy" rating and a $20.00 price objective for the company. HC Wainwright reissued a "buy" rating and set a $27.00 target price on shares of CleanSpark in a research note on Friday, February 7th. Chardan Capital upgraded CleanSpark to a "strong-buy" rating in a research note on Monday, March 24th. Finally, JPMorgan Chase & Co. lowered their price target on CleanSpark from $17.00 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $21.57.

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.

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