Cleanspark Sees Unusually Large Options Volume (NASDAQ:CLSK)

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) saw unusually large options trading on Wednesday. Stock traders bought 136,960 call options on the company. This is an increase of approximately 45% compared to the average volume of 94,373 call options.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CLSK shares. BTIG Research reaffirmed a "buy" rating on shares of Cleanspark in a research report on Friday, June 13th. Chardan Capital reiterated a "buy" rating and set a $20.00 price objective on shares of Cleanspark in a report on Wednesday, June 25th. JPMorgan Chase & Co. increased their price objective on Cleanspark from $12.00 to $14.00 and gave the stock an "overweight" rating in a report on Friday, June 13th. Finally, B. Riley assumed coverage on Cleanspark in a report on Tuesday. They set a "buy" rating and a $16.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $20.38.

Insider Activity at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total transaction of $525,500.00. Following the sale, the director owned 125,511 shares of the company's stock, valued at $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CLSK. CX Institutional bought a new position in Cleanspark in the first quarter valued at approximately $26,000. Strs Ohio bought a new position in Cleanspark in the first quarter valued at approximately $38,000. Quarry LP acquired a new stake in shares of Cleanspark in the first quarter valued at approximately $47,000. Russell Investments Group Ltd. lifted its position in shares of Cleanspark by 60.0% in the fourth quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock valued at $54,000 after buying an additional 2,196 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Cleanspark in the first quarter valued at approximately $68,000. 43.12% of the stock is currently owned by institutional investors.

Cleanspark Price Performance

CLSK stock traded down $0.19 during mid-day trading on Friday, reaching $12.30. The company had a trading volume of 20,908,929 shares, compared to its average volume of 27,974,749. The stock has a 50 day simple moving average of $9.58 and a two-hundred day simple moving average of $9.34. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of -12.81 and a beta of 4.23. Cleanspark has a 52 week low of $6.45 and a 52 week high of $20.49.

Cleanspark (NASDAQ:CLSK - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). The company had revenue of $181.71 million during the quarter, compared to the consensus estimate of $196.43 million. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm's revenue for the quarter was up 62.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 earnings per share. On average, equities analysts predict that Cleanspark will post 0.58 EPS for the current year.

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.