Cleanspark Sees Unusually Large Options Volume (NASDAQ:CLSK)

Key Points

• Cleanspark, Inc. (NASDAQ:CLSK) experienced a notable surge in options trading, with 137,272 call options purchased, representing a 41% increase over the average volume.
• The company's stock has received various ratings from analysts, including a neutral rating from JPMorgan with a target of $14.00, while others maintained a buy rating with targets up to $26.00.
• Cleanspark reported impressive earnings, with a quarterly revenue increase of 90.8% year-over-year and earnings per share of $0.78, significantly beating the consensus estimate of $0.07.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock investors purchased 137,272 call options on the company. This is an increase of 41% compared to the average daily volume of 97,484 call options.

Analyst Ratings Changes

A number of brokerages have commented on CLSK. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $14.00 target price (down from $15.00) on shares of Cleanspark in a report on Friday, September 26th. Chardan Capital reiterated a "buy" rating and issued a $20.00 target price on shares of Cleanspark in a research report on Monday, September 8th. BTIG Research reiterated a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Cantor Fitzgerald upped their price objective on Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Macquarie upped their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $20.36.

Insider Activity

In other 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 completion of the sale, the chief operating officer directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.65% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CLSK. Vanguard Group Inc. raised its stake in Cleanspark by 22.8% in the 1st quarter. Vanguard Group Inc. now owns 24,145,612 shares of the company's stock valued at $162,259,000 after purchasing an additional 4,489,866 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Cleanspark by 6,449.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,387,943 shares of the company's stock worth $9,327,000 after acquiring an additional 1,366,752 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Cleanspark in the 1st quarter worth $8,109,000. Bank of New York Mellon Corp increased its stake in shares of Cleanspark by 128.9% in the 1st quarter. Bank of New York Mellon Corp now owns 1,579,277 shares of the company's stock worth $10,613,000 after acquiring an additional 889,317 shares during the last quarter. Finally, Public Sector Pension Investment Board acquired a new stake in shares of Cleanspark in the 1st quarter worth $5,925,000. 43.12% of the stock is owned by institutional investors and hedge funds.

Cleanspark Trading Up 5.9%

Cleanspark stock traded up $0.89 during mid-day trading on Friday, hitting $16.03. The company had a trading volume of 28,258,697 shares, compared to its average volume of 25,512,105. Cleanspark has a 12-month low of $6.45 and a 12-month high of $17.97. The company's fifty day moving average is $11.02 and its 200-day moving average is $9.96. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 18.81 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.71. The business had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. Cleanspark had a return on equity of 8.89% and a net margin of 47.98%.The business's quarterly revenue was up 90.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.03) EPS. As a group, sell-side analysts expect that Cleanspark will post 0.58 EPS for the current fiscal year.

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.

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