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

Cleanspark, Inc. (NASDAQ:CLSK) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 136,960 call options on the stock. This is an increase of approximately 45% compared to the average daily volume of 94,373 call options.

Cleanspark Price Performance

Shares of CLSK opened at $12.30 on Friday. The stock 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 1 year low of $6.45 and a 1 year high of $20.49. The business’s 50 day simple moving average is $9.52 and its 200-day simple moving average is $9.34.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). Cleanspark had a negative net margin of 35.43% and a negative return on equity of 4.65%. The company had revenue of $181.71 million for the quarter, compared to analysts’ expectations of $196.43 million. During the same quarter in the previous year, the company posted $0.59 EPS. The business’s quarterly revenue was up 62.5% on a year-over-year basis. On average, sell-side analysts expect that Cleanspark will post 0.58 earnings per share for the current year.

Insider Activity at Cleanspark

In other news, Director Roger Paul Beynon sold 50,000 shares of the company’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $10.51, for a total transaction of $525,500.00. Following the completion of the sale, the director owned 125,511 shares of the company’s stock, valued at $1,319,120.61. This represents a 28.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.65% of the stock is owned by insiders.

Institutional Trading of Cleanspark

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. increased its stake in Cleanspark by 9.1% in the fourth quarter. Prudential Financial Inc. now owns 16,835 shares of the company’s stock worth $155,000 after purchasing an additional 1,405 shares during the period. Corebridge Financial Inc. boosted its position in Cleanspark by 1.2% during the fourth quarter. Corebridge Financial Inc. now owns 123,723 shares of the company’s stock valued at $1,139,000 after purchasing an additional 1,507 shares in the last quarter. Wellington Management Group LLP boosted its position in Cleanspark by 15.1% during the first quarter. Wellington Management Group LLP now owns 13,990 shares of the company’s stock valued at $94,000 after purchasing an additional 1,834 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Cleanspark by 13.5% in the fourth quarter. Mackenzie Financial Corp now owns 15,916 shares of the company’s stock worth $147,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Harvest Portfolios Group Inc. boosted its holdings in Cleanspark by 2.4% in the first quarter. Harvest Portfolios Group Inc. now owns 84,522 shares of the company’s stock worth $568,000 after acquiring an additional 2,014 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.