JPMorgan downgrades CleanSpark stock rating to neutral due to valuation concerns
PANews, September 28 — According to Investing.com, JPMorgan has downgraded CleanSpark (NASDAQ: CLSK) from "Overweight" to "Neutral," and lowered its price target from $15 to $14, citing valuation considerations. CLSK is currently priced at $13.68, up 68% over the past six months, with technical indicators showing it is "overbought." The company’s bitcoin hashrate has reached 50 EH/s, ranking it among the top four publicly listed mining companies, with a market capitalization of approximately $3.85 billions. Over the past 12 months, revenue has grown by 84.7%, and the current ratio stands at 4.37. JPMorgan stated that it prefers to turn bullish after a price pullback, not due to operational issues. In addition, CleanSpark has expanded its bitcoin collateralized credit line with Coinbase Prime to $400 millions and adjusted its management structure.
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