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

CleanSpark, Inc. (NASDAQ:CLSK) saw some unusual options trading on Monday. Stock traders bought 150,615 call options on the stock. This is an increase of 64% compared to the typical daily volume of 91,569 call options.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research note on Thursday, October 3rd. Macquarie initiated coverage on CleanSpark in a report on Wednesday, September 25th. They set an “outperform” rating and a $20.00 price target for the company. 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. Finally, HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.11.

CleanSpark Price Performance

Shares of CLSK stock traded up $1.22 on Monday, reaching $10.81. 34,285,910 shares of the company’s stock were exchanged, compared to its average volume of 29,783,980. The company’s fifty day simple moving average is $10.14 and its 200 day simple moving average is $14.50. CleanSpark has a 52 week low of $3.46 and a 52 week high of $24.72.

CleanSpark (NASDAQ:CLSK) last issued its earnings results on Friday, August 9th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The firm had revenue of $104.11 million for the quarter, compared to the consensus estimate of $114.04 million. CleanSpark had a negative net margin of 46.31% and a negative return on equity of 3.64%. As a group, sell-side analysts predict that CleanSpark will post -0.06 earnings per share for the current year.

Insider Buying and Selling at CleanSpark

In other CleanSpark 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 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 26,272 shares of company stock valued at $256,874. 3.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. American Capital Advisory LLC purchased a new position in CleanSpark during the 1st quarter worth $32,000. National Bank of Canada FI grew its stake in 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 buying an additional 2,119 shares during the last quarter. Hollencrest Capital Management purchased a new position in CleanSpark during the 2nd quarter worth $48,000. Russell Investments Group Ltd. grew its stake in CleanSpark by 36.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after buying an additional 787 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in CleanSpark during the 1st quarter worth $109,000. 43.12% of the stock is owned by institutional investors.

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.