CleanSpark Sees Unusually High Options Volume (NASDAQ:CLSK)

CleanSpark, Inc. (NASDAQ:CLSK) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 167,030 call options on the stock. This represents an increase of approximately 63% compared to the average volume of 102,228 call options.

CleanSpark Stock Performance

CleanSpark stock opened at $9.19 on Friday. CleanSpark has a 1 year low of $6.45 and a 1 year high of $20.64. The firm’s 50 day moving average price is $7.96 and its two-hundred day moving average price is $10.28. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 83.55 and a beta of 4.36.

CleanSpark (NASDAQ:CLSK) last announced its earnings results on Thursday, February 6th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. As a group, equities analysts predict that CleanSpark will post 0.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the company. Needham & Company LLC initiated coverage on CleanSpark in a research note on Wednesday, February 12th. They set a “buy” rating and a $20.00 target price on the stock. JPMorgan Chase & Co. cut their price objective on shares of CleanSpark from $17.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Keefe, Bruyette & Woods started coverage on shares of CleanSpark in a research report on Monday, January 27th. They issued an “outperform” rating and a $19.00 target price for the company. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of CleanSpark in a research report on Friday, February 7th. Finally, Chardan Capital upgraded shares of CleanSpark to a “strong-buy” rating in a research note on Tuesday, April 29th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $21.57.

Insider Buying and Selling

In other news, Director Amanda Cavaleri sold 13,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the transaction, the director now owns 140,289 shares in the company, valued at approximately $1,118,103.33. This represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Zachary Bradford sold 10,533 shares of CleanSpark stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $10.64, for a total transaction of $112,071.12. Following the completion of the sale, the chief executive officer now owns 3,059,326 shares in the company, valued at approximately $32,551,228.64. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,836 shares of company stock worth $335,945 over the last quarter. 2.65% of the stock is owned by company insiders.

Institutional Trading of CleanSpark

Hedge funds have recently bought and sold shares of the company. Compagnie Lombard Odier SCmA purchased a new stake in shares of CleanSpark in the 4th quarter valued at approximately $31,000. CX Institutional purchased a new position in shares of CleanSpark during the first quarter valued at $26,000. GAMMA Investing LLC raised its position in CleanSpark by 962.1% during the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after buying an additional 3,579 shares during the period. Russell Investments Group Ltd. lifted its stake in CleanSpark by 60.0% in the 4th quarter. Russell Investments Group Ltd. now owns 5,859 shares of the company’s stock worth $54,000 after acquiring an additional 2,196 shares in the last quarter. Finally, KBC Group NV boosted its position in CleanSpark by 36.5% during the 4th quarter. KBC Group NV now owns 10,103 shares of the company’s stock worth $93,000 after acquiring an additional 2,700 shares during the period. 43.12% of the stock is owned by hedge funds and other institutional investors.

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.