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

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of some unusual options trading on Monday. Investors acquired 132,744 call options on the stock. This is an increase of approximately 50% compared to the typical daily volume of 88,691 call options.

Analyst Upgrades and Downgrades

CLSK has been the subject of a number of recent analyst reports. Chardan Capital reiterated a “buy” rating and issued a $26.00 target price on shares of CleanSpark in a research report on Monday, May 13th. Cantor Fitzgerald increased their price objective on shares of CleanSpark from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. HC Wainwright reissued a “buy” rating and set a $27.00 target price on shares of CleanSpark in a report on Friday, June 28th. JPMorgan Chase & Co. decreased their price target on CleanSpark from $15.00 to $12.50 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Finally, BTIG Research raised their target price on CleanSpark from $12.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.13.

CleanSpark Trading Up 15.0 %

CleanSpark stock traded up $2.37 during mid-day trading on Monday, hitting $18.22. The company’s stock had a trading volume of 40,620,314 shares, compared to its average volume of 32,739,217. CleanSpark has a twelve month low of $3.38 and a twelve month high of $24.72. The stock’s fifty day moving average price is $16.76 and its two-hundred day moving average price is $15.40.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, May 9th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. CleanSpark had a negative return on equity of 6.30% and a net margin of 22.41%. The company had revenue of $111.80 million for the quarter, compared to analyst estimates of $111.11 million. On average, research analysts predict that CleanSpark will post -0.09 EPS for the current fiscal year.

Institutional Trading of CleanSpark

A number of hedge funds have recently bought and sold shares of CLSK. Russell Investments Group Ltd. lifted its stake in CleanSpark by 36.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,926 shares of the company’s stock worth $62,000 after acquiring an additional 787 shares in the last quarter. Tobam lifted its position in shares of CleanSpark by 6.4% in the first quarter. Tobam now owns 23,142 shares of the company’s stock worth $491,000 after purchasing an additional 1,394 shares in the last quarter. Scotia Capital Inc. boosted its holdings in shares of CleanSpark by 14.5% during the fourth quarter. Scotia Capital Inc. now owns 11,810 shares of the company’s stock worth $130,000 after purchasing an additional 1,500 shares during the period. American Capital Advisory LLC purchased a new position in CleanSpark during the first quarter valued at approximately $32,000. Finally, VitalStone Financial LLC increased its stake in CleanSpark by 21.7% in the 4th quarter. VitalStone Financial LLC now owns 10,825 shares of the company’s stock valued at $119,000 after buying an additional 1,930 shares during the period. 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.