CleanSpark Target of Unusually Large Options Trading (NASDAQ:CLSK)

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) saw unusually large options trading on Wednesday. Stock investors acquired 210,912 call options on the company. This is an increase of approximately 79% compared to the typical daily volume of 117,777 call options.

CleanSpark Stock Performance

CleanSpark stock traded down $1.04 during trading on Wednesday, reaching $11.32. 60,602,367 shares of the company's stock were exchanged, compared to its average volume of 31,744,297. CleanSpark has a 52-week low of $6.41 and a 52-week high of $24.72. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -19.52 and a beta of 4.16. The company's 50-day moving average is $12.85 and its two-hundred day moving average is $13.21.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of CleanSpark during the second quarter valued at approximately $262,000. Bank of New York Mellon Corp increased its stake in CleanSpark by 32.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 871,793 shares of the company's stock worth $13,905,000 after buying an additional 215,124 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in CleanSpark in the 2nd quarter worth $290,000. TSA Wealth Managment LLC boosted its position in CleanSpark by 22.7% in the 2nd quarter. TSA Wealth Managment LLC now owns 16,830 shares of the company's stock valued at $268,000 after buying an additional 3,112 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of CleanSpark by 13.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,617 shares of the company's stock valued at $712,000 after acquiring an additional 5,347 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CLSK shares. HC Wainwright reissued a "buy" rating and set a $27.00 price objective on shares of CleanSpark in a research note on Tuesday, December 3rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Macquarie upped their price target on CleanSpark from $20.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upgraded CleanSpark from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $10.50 to $17.00 in a report on Tuesday, December 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $23.17.

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.