Traders Buy High Volume of Call Options on CleanSpark (NASDAQ:CLSK)

CleanSpark, Inc. (NASDAQ:CLSK - Get Free Report) was the recipient of unusually large options trading on Monday. Stock investors bought 150,615 call options on the stock. This is an increase of approximately 64% compared to the typical volume of 91,569 call options.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CLSK. Macquarie began coverage on CleanSpark in a report on Wednesday, September 25th. They issued an "outperform" rating and a $20.00 target price for the company. JPMorgan Chase & Co. cut their target price on shares of CleanSpark from $12.50 to $10.50 and set a "neutral" rating on the stock in a research report on Friday, August 23rd. HC Wainwright restated a "buy" rating and issued a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.11.

CleanSpark Trading Up 12.7 %

Shares of CLSK traded up $1.22 during trading hours on Monday, hitting $10.81. 34,536,357 shares of the stock were exchanged, compared to its average volume of 29,785,080. CleanSpark has a fifty-two week low of $3.46 and a fifty-two week high of $24.72. The business has a 50-day moving average of $10.14 and a 200-day moving average of $14.50.

CleanSpark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). CleanSpark had a negative return on equity of 3.64% and a negative net margin of 46.31%. The business had revenue of $104.11 million during the quarter, compared to the consensus estimate of $114.04 million. On average, sell-side analysts predict that CleanSpark will post -0.06 EPS for the current year.

Insiders Place Their Bets

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value of $205,331.28. Following the sale, the director now directly owns 137,050 shares in the company, valued at approximately $1,266,342. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 26,272 shares of company stock valued at $256,874. 3.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CleanSpark

Several institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank increased its stake in shares of CleanSpark by 21.3% in the 1st quarter. Swiss National Bank now owns 364,800 shares of the company's stock valued at $7,737,000 after acquiring an additional 64,000 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of CleanSpark by 6.8% during the 4th quarter. Vanguard Group Inc. now owns 8,048,511 shares of the company's stock worth $88,775,000 after purchasing an additional 515,314 shares in the last quarter. Millennium Management LLC grew its stake in shares of CleanSpark by 74.6% in the 2nd quarter. Millennium Management LLC now owns 1,251,278 shares of the company's stock valued at $19,958,000 after buying an additional 534,825 shares during the period. Granite Bay Wealth Management LLC bought a new stake in CleanSpark in the 2nd quarter valued at about $1,563,000. Finally, Comerica Bank bought a new stake in CleanSpark in the 1st quarter valued at about $1,894,000. 43.12% of the stock is 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.