Investors Buy Large Volume of CleanSpark Call Options (NASDAQ:CLSK)

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of unusually large options trading on Monday. Traders bought 150,615 call options on the stock. This is an increase of 64% compared to the average volume of 91,569 call options.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CLSK. JPMorgan Chase & Co. lowered their price target on 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 reiterated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Wednesday, September 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a research report on Thursday, October 3rd. Finally, Macquarie began coverage on CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.11.

Insider Buying and Selling

In related news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $9.24, for a total transaction of $205,331.28. Following the sale, the director now directly owns 137,050 shares of the company’s stock, valued at $1,266,342. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 26,272 shares of company stock valued at $256,874 over the last ninety days. Company insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its position in CleanSpark by 36.8% during the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares in the last quarter. SteelPeak Wealth LLC lifted its position in CleanSpark by 3.0% during the second quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company’s stock worth $589,000 after buying an additional 1,066 shares in the last quarter. Amalgamated Bank lifted its position in CleanSpark by 18.4% during the second quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after buying an additional 1,194 shares in the last quarter. Tobam lifted its position in CleanSpark by 6.4% during the first quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after buying an additional 1,394 shares in the last quarter. Finally, American Capital Advisory LLC purchased a new position in CleanSpark during the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Stock Performance

Shares of NASDAQ CLSK traded up $1.22 during midday trading on Monday, hitting $10.81. The stock had a trading volume of 34,285,910 shares, compared to its average volume of 29,783,980. The stock has a 50 day simple moving average of $10.14 and a 200-day simple moving average of $14.50. CleanSpark has a 1 year low of $3.46 and a 1 year high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its earnings results 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). The firm had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, equities research analysts anticipate that CleanSpark will post -0.06 EPS for the current fiscal year.

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.