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

Cleanspark, Inc. (NASDAQ:CLSK) was the target of unusually large options trading activity on Friday. Investors purchased 137,272 call options on the company. This is an increase of approximately 41% compared to the typical daily volume of 97,484 call options.

Cleanspark Stock Up 5.3%

Shares of NASDAQ CLSK opened at $15.94 on Friday. The firm’s 50-day simple moving average is $11.11 and its 200 day simple moving average is $10.03. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 18.75 and a beta of 3.88. Cleanspark has a 12-month low of $6.45 and a 12-month high of $17.97.

Cleanspark (NASDAQ:CLSK) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.71. The business had revenue of $198.64 million for the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The firm’s quarterly revenue was up 90.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.03) EPS. On average, equities analysts expect that Cleanspark will post 0.58 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CLSK shares. LADENBURG THALM/SH SH started coverage on shares of Cleanspark in a research report on Monday, July 28th. They set a “buy” rating and a $20.25 target price on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $14.00 target price (down previously from $15.00) on shares of Cleanspark in a research report on Friday, September 26th. Cantor Fitzgerald boosted their target price on shares of Cleanspark from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. BTIG Research reissued a “buy” rating on shares of Cleanspark in a report on Friday, June 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cleanspark in a report on Saturday, September 27th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.36.

Insider Transactions at Cleanspark

In related news, COO Taylor Monnig sold 63,713 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, the chief operating officer owned 120,337 shares of the company’s stock, valued at approximately $1,097,473.44. The trade was a 34.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.65% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in Cleanspark by 7.8% during the 3rd quarter. GAMMA Investing LLC now owns 12,915 shares of the company’s stock valued at $187,000 after purchasing an additional 932 shares during the period. Cresset Asset Management LLC lifted its position in Cleanspark by 4.9% during the 2nd quarter. Cresset Asset Management LLC now owns 26,924 shares of the company’s stock valued at $297,000 after purchasing an additional 1,248 shares during the period. Fifth Third Bancorp lifted its position in Cleanspark by 145.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock valued at $32,000 after purchasing an additional 1,694 shares during the period. Wellington Management Group LLP lifted its position in Cleanspark by 15.1% during the 1st quarter. Wellington Management Group LLP now owns 13,990 shares of the company’s stock valued at $94,000 after purchasing an additional 1,834 shares during the period. Finally, Mackenzie Financial Corp lifted its position in Cleanspark by 13.5% during the 4th quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock valued at $147,000 after purchasing an additional 1,898 shares during the period. Institutional investors and hedge funds own 43.12% of the company’s stock.

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.