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

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of unusually large options trading activity on Monday. Stock investors purchased 150,615 call options on the company. This represents an increase of 64% compared to the typical volume of 91,569 call options.

Analysts Set New Price Targets

A number of research analysts have weighed in on CLSK shares. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a research report on Wednesday, September 25th. Macquarie assumed coverage on CleanSpark in a research report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 target price on shares of CleanSpark in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut their price target on CleanSpark from $12.50 to $10.50 and set a “neutral” rating for the company in a report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, CleanSpark currently has a consensus rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Stock Performance

CLSK opened at $10.81 on Tuesday. The stock’s 50 day simple moving average is $10.11 and its 200-day simple moving average is $14.43. CleanSpark has a 1 year low of $3.46 and a 1 year high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. The business had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. As a group, equities analysts expect that CleanSpark will post -0.06 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Thomas Leigh Wood sold 22,222 shares of the 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 transaction, the director now owns 137,050 shares of the company’s stock, valued at approximately $1,266,342. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 26,272 shares of company stock worth $256,874. Corporate insiders own 3.46% of the company’s stock.

Hedge Funds Weigh In On CleanSpark

A number of hedge funds have recently modified their holdings of the stock. American Capital Advisory LLC bought a new stake in CleanSpark in the first quarter valued at $32,000. National Bank of Canada FI increased its position in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock worth $41,000 after purchasing an additional 2,119 shares in the last quarter. Russell Investments Group Ltd. boosted its position in CleanSpark by 36.8% in the first quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock valued at $62,000 after buying an additional 787 shares in the last quarter. Hollencrest Capital Management bought a new stake in CleanSpark during the second quarter worth about $48,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of CleanSpark during the first quarter worth approximately $109,000. 43.12% of the stock is owned by institutional investors and hedge funds.

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.