CleanSpark Sees Unusually Large Options Volume (NASDAQ:CLSK)

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

Analysts Set New Price Targets

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

Insider Transactions at CleanSpark

In other CleanSpark news, Director Amanda Cavaleri sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $7.97, for a total transaction of $103,610.00. Following the completion of the sale, the director now directly owns 140,289 shares in the company, valued at approximately $1,118,103.33. The trade was a 8.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman S. Matthew Schultz sold 9,010 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $10.64, for a total value of $95,866.40. Following the completion of the transaction, the chairman now directly owns 2,450,010 shares of the company’s stock, valued at approximately $26,068,106.40. This represents a 0.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,836 shares of company stock worth $335,945 over the last quarter. 2.65% of the stock is currently owned by insiders.

Institutional Trading of CleanSpark

Several hedge funds and other institutional investors have recently made changes to their positions in CLSK. Compagnie Lombard Odier SCmA purchased a new position in shares of CleanSpark during the 4th quarter worth approximately $31,000. CX Institutional acquired a new position in shares of CleanSpark during the 1st quarter worth $26,000. GAMMA Investing LLC lifted its holdings in shares of CleanSpark by 962.1% in the fourth quarter. GAMMA Investing LLC now owns 3,951 shares of the company’s stock valued at $36,000 after purchasing an additional 3,579 shares in the last quarter. 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 valued at $54,000 after buying an additional 2,196 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of CleanSpark by 36.5% during the fourth quarter. KBC Group NV now owns 10,103 shares of the company’s stock valued at $93,000 after acquiring an additional 2,700 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

CleanSpark Price Performance

Shares of CleanSpark stock opened at $9.19 on Friday. CleanSpark has a 12 month low of $6.45 and a 12 month high of $20.64. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 83.55 and a beta of 4.36. The firm’s fifty day simple moving average is $7.96 and its 200-day simple moving average is $10.29.

CleanSpark (NASDAQ:CLSK) last released its earnings results on Thursday, February 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. CleanSpark had a negative return on equity of 2.61% and a net margin of 16.07%. Analysts anticipate that CleanSpark will post 0.58 earnings per share 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.