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

CleanSpark, Inc. (NASDAQ:CLSK) was the target of some unusual options trading on Friday. Investors purchased 170,530 call options on the stock. This is an increase of approximately 25% compared to the average volume of 136,951 call options.

CleanSpark Trading Up 13.9 %

CleanSpark stock traded up $1.45 during midday trading on Friday, reaching $11.83. The company’s stock had a trading volume of 46,604,348 shares, compared to its average volume of 24,052,699. The stock has a market cap of $3.32 billion, a PE ratio of -20.42 and a beta of 4.25. The business has a 50-day moving average price of $11.33 and a 200-day moving average price of $11.64. CleanSpark has a 52 week low of $8.04 and a 52 week high of $24.72.

CleanSpark (NASDAQ:CLSK) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) 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%. As a group, research analysts predict that CleanSpark will post 0.18 EPS for the current fiscal year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Sei Investments Co. grew its stake in shares of CleanSpark by 7.0% during the 2nd quarter. Sei Investments Co. now owns 30,344 shares of the company’s stock valued at $484,000 after purchasing an additional 1,987 shares during the period. The Manufacturers Life Insurance Company raised its position in CleanSpark by 20.0% during the second quarter. The Manufacturers Life Insurance Company now owns 127,865 shares of the company’s stock valued at $2,039,000 after purchasing an additional 21,326 shares during the period. Cetera Investment Advisers lifted its position in CleanSpark by 84.8% in the second quarter. Cetera Investment Advisers now owns 124,992 shares of the company’s stock worth $1,994,000 after buying an additional 57,354 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of CleanSpark during the 2nd quarter worth about $286,000. Finally, Handelsbanken Fonder AB grew its stake in shares of CleanSpark by 32.4% during the third quarter. Handelsbanken Fonder AB now owns 56,000 shares of the company’s stock valued at $523,000 after buying an additional 13,700 shares during the last quarter. 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.