Traders Purchase Large Volume of Cleanspark Call Options (NASDAQ:CLSK)

Key Points

• Traders purchased a significant number of 138,919 call options for Cleanspark, representing a 51% increase compared to its average volume.
• Cleanspark's stock dropped 6.1% to $10.07, with a trading volume of over 33 million shares on Friday.
• Analysts have raised their price targets for Cleanspark, with Macquarie increasing it from $18.00 to $20.00, reflecting positive sentiment toward the company.

Cleanspark, Inc. (NASDAQ:CLSK - Get Free Report) saw unusually large options trading activity on Friday. Stock investors bought 138,919 call options on the company. Thisrepresentsanincreaseofapproximately51% compared to the average volume of 91,807 call options.

Cleanspark Stock Down 6.1%

CLSK stock traded down $0.65 during midday trading on Friday, hitting $10.07. The company's stock had a trading volume of 33,873,422 shares, compared to its average volume of 25,535,771. Cleanspark has a 1 year low of $6.45 and a 1 year high of $17.97. The stock's 50-day moving average price is $10.92 and its 200 day moving average price is $9.57. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -10.49 and a beta of 3.72.

Cleanspark (NASDAQ:CLSK - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.71. Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The firm had revenue of $198.64 million for the quarter, compared to analysts' expectations of $191.33 million. During the same quarter last year, the business earned ($1.03) earnings per share. The business's revenue was up 90.8% on a year-over-year basis. As a group, equities analysts forecast that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CLSK has been the subject of several analyst reports. Macquarie upped their price objective on Cleanspark from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday. B. Riley lifted their price objective on shares of Cleanspark from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday. Cantor Fitzgerald boosted their target price on shares of Cleanspark from $25.00 to $26.00 and gave the company an "overweight" rating in a research report on Friday. Wall Street Zen raised Cleanspark from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Cleanspark from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.47.

Insider Activity at Cleanspark

In other Cleanspark news, Director Roger Paul Beynon sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $10.51, for a total value of $525,500.00. Following the completion of the sale, the director owned 125,511 shares of the company's stock, valued at approximately $1,319,120.61. This trade represents a 28.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.65% of the company's stock.

Institutional Trading of Cleanspark

A number of large investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. lifted its position in Cleanspark by 9.1% during the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company's stock valued at $155,000 after purchasing an additional 1,405 shares during the period. Alliancebernstein L.P. increased its holdings in Cleanspark by 1.0% in the 4th quarter. Alliancebernstein L.P. now owns 285,305 shares of the company's stock valued at $2,628,000 after purchasing an additional 2,955 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Cleanspark by 58.7% during the 4th quarter. Franklin Resources Inc. now owns 119,679 shares of the company's stock worth $1,102,000 after buying an additional 44,251 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cleanspark by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 6,517,268 shares of the company's stock valued at $60,037,000 after purchasing an additional 353,807 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Cleanspark by 60.0% during the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company's stock worth $54,000 after buying an additional 2,196 shares during the last quarter. Institutional investors own 43.12% of the company's stock.

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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