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

CleanSpark, Inc. (NASDAQ:CLSK) saw unusually large options trading on Monday. Stock traders acquired 155,026 call options on the company. This represents an increase of approximately 55% compared to the average daily volume of 99,698 call options.

CleanSpark Stock Performance

NASDAQ CLSK traded up $2.71 during trading hours on Monday, hitting $16.28. 32,801,178 shares of the company traded hands, compared to its average volume of 30,201,059. The business’s 50-day moving average is $10.23 and its 200-day moving average is $13.78. CleanSpark has a twelve month low of $3.60 and a twelve month high of $24.72.

CleanSpark (NASDAQ:CLSK) last released its quarterly earnings data on Friday, August 9th. The company reported $0.01 EPS for the quarter, missing the consensus estimate 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 company had revenue of $104.11 million during the quarter, compared to analyst estimates of $114.04 million. Analysts predict that CleanSpark will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at CleanSpark

In other news, Director Thomas Leigh Wood sold 22,222 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $9.24, for a total value 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 26,272 shares of company stock worth $250,003 over the last 90 days. 2.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its holdings in shares of 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. Hollencrest Capital Management raised its stake in CleanSpark by 33.3% in the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. SteelPeak Wealth LLC boosted its holdings in CleanSpark by 3.0% in the 2nd quarter. SteelPeak Wealth LLC now owns 36,907 shares of the company’s stock valued at $589,000 after purchasing an additional 1,066 shares during the period. Amalgamated Bank grew its position in shares of CleanSpark by 18.4% during the 2nd quarter. Amalgamated Bank now owns 7,667 shares of the company’s stock worth $122,000 after purchasing an additional 1,194 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of CleanSpark by 21.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after purchasing an additional 1,345 shares during the period. Institutional investors own 43.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CLSK shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price objective on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie started coverage on CleanSpark in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $20.00 price target for the company. JPMorgan Chase & Co. cut their target price on shares of CleanSpark from $12.50 to $10.50 and set a “neutral” rating on the stock in a report on Friday, August 23rd. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.42.

About CleanSpark

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.