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

Key Points

• Cleanspark, Inc. experienced a significant rise in options trading, with 160,418 call options purchased, marking a 76% increase from typical volume levels.
• COO Taylor Monnig sold 63,713 shares worth over $581,000, reducing his stake by approximately 34.62%, retaining about $1.1 million in company stock.
• Institutional investors have increased their stakes in Cleanspark recently, with Neuberger Berman Group adding 374.3% to their holdings, signaling growing confidence in the company's potential.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) saw unusually large options trading on Thursday. Stock investors purchased 160,418 call options on the stock. This is an increase of approximately 76% compared to the typical daily volume of 91,288 call options.

Insider Activity

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $9.12, for a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.65% of the company's stock.

Hedge Funds Weigh In On Cleanspark

Several hedge funds have recently modified their holdings of CLSK. Nuveen LLC purchased a new stake in Cleanspark during the first quarter valued at about $8,109,000. Public Sector Pension Investment Board acquired a new stake in Cleanspark during the first quarter valued at $5,925,000. Rhumbline Advisers raised its stake in Cleanspark by 115.8% during the first quarter. Rhumbline Advisers now owns 720,903 shares of the company's stock worth $4,844,000 after purchasing an additional 386,809 shares during the period. Swiss National Bank grew its holdings in Cleanspark by 13.8% during the 1st quarter. Swiss National Bank now owns 566,800 shares of the company's stock worth $3,809,000 after acquiring an additional 68,900 shares in the last quarter. Finally, Mutual of America Capital Management LLC acquired a new position in shares of Cleanspark during the 1st quarter worth $272,000. Institutional investors own 43.12% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Cleanspark from $14.00 to $15.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Cantor Fitzgerald raised their price target on shares of Cleanspark from $25.00 to $26.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Wall Street Zen upgraded Cleanspark from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. BTIG Research restated a "buy" rating on shares of Cleanspark in a report on Friday, June 13th. Finally, Macquarie boosted their target price on Cleanspark from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $20.47.

Cleanspark Stock Up 1.2%

CLSK stock traded up $0.16 during trading on Friday, reaching $13.62. 47,285,066 shares of the company's stock were exchanged, compared to its average volume of 20,754,650. The company's fifty day moving average price is $10.73 and its 200-day moving average price is $9.59. The firm has a market cap of $3.83 billion, a PE ratio of 16.02 and a beta of 3.65. Cleanspark has a 1-year low of $6.45 and a 1-year high of $17.97.

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