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

CleanSpark, Inc. (NASDAQ:CLSK) saw some unusual options trading on Friday. Stock traders acquired 170,530 call options on the company. This is an increase of 25% compared to the typical daily volume of 136,951 call options.

CleanSpark Stock Up 13.9 %

Shares of CLSK stock traded up $1.45 during trading hours on Friday, hitting $11.83. 46,604,348 shares of the company’s stock were exchanged, compared to its average volume of 24,052,699. The firm has a 50 day moving average of $11.33 and a two-hundred day moving average of $11.64. The firm has a market cap of $3.32 billion, a P/E ratio of -20.42 and a beta of 4.25. CleanSpark has a fifty-two week low of $8.04 and a fifty-two week high of $24.72.

CleanSpark (NASDAQ:CLSK) last posted its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.36% and a negative net margin of 38.47%. On average, equities analysts forecast that CleanSpark will post 0.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on CLSK shares. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday. JPMorgan Chase & Co. raised CleanSpark from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $10.50 to $17.00 in a research note on Tuesday, December 10th. Macquarie increased their price objective on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods initiated coverage on CleanSpark in a research note on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $22.57.

Institutional Trading of CleanSpark

Institutional investors have recently added to or reduced their stakes in the business. Haven Private LLC bought a new position in shares of CleanSpark in the fourth quarter valued at $108,000. Arizona State Retirement System lifted its holdings in shares of CleanSpark by 9.7% during the fourth quarter. Arizona State Retirement System now owns 73,416 shares of the company’s stock valued at $676,000 after acquiring an additional 6,470 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CleanSpark by 12.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,464,861 shares of the company’s stock worth $22,701,000 after buying an additional 270,026 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of CleanSpark during the fourth quarter worth $1,349,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of CleanSpark during the fourth quarter worth about $234,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.