Cleanspark Sees Unusually Large Options Volume (NASDAQ:CLSK)

Cleanspark, Inc. (NASDAQ:CLSK) saw some unusual options trading on Friday. Investors purchased 137,272 call options on the company. This represents an increase of approximately 41% compared to the average volume of 97,484 call options.

Cleanspark Price Performance

Shares of NASDAQ CLSK opened at $15.94 on Friday. Cleanspark has a 1 year low of $6.45 and a 1 year high of $17.97. The firm has a 50-day moving average of $11.11 and a 200 day moving average of $10.02. The stock has a market cap of $4.48 billion, a P/E ratio of 18.75 and a beta of 3.88.

Cleanspark (NASDAQ:CLSK) last announced its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.71. Cleanspark had a net margin of 47.98% and a return on equity of 8.89%. The business had revenue of $198.64 million during the quarter, compared to the consensus estimate of $191.33 million. During the same quarter last year, the firm earned ($1.03) earnings per share. The business’s revenue for the quarter was up 90.8% on a year-over-year basis. Research analysts expect that Cleanspark will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cleanspark news, COO Taylor Monnig sold 63,713 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total value of $581,062.56. Following the completion of the sale, the chief operating officer owned 120,337 shares in the company, valued at approximately $1,097,473.44. This trade represents a 34.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Cleanspark in the second quarter worth $29,000. Fifth Third Bancorp boosted its stake in Cleanspark by 145.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,860 shares of the company’s stock worth $32,000 after purchasing an additional 1,694 shares in the last quarter. CX Institutional purchased a new stake in Cleanspark during the 1st quarter valued at about $26,000. Strs Ohio bought a new stake in Cleanspark during the 1st quarter valued at about $38,000. Finally, West Oak Capital LLC increased its stake in Cleanspark by 3,422.5% during the 2nd quarter. West Oak Capital LLC now owns 6,728 shares of the company’s stock valued at $74,000 after purchasing an additional 6,537 shares in the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cleanspark in a research note on Saturday, September 27th. Cantor Fitzgerald raised their target price on shares of Cleanspark from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. BTIG Research reaffirmed a “buy” rating on shares of Cleanspark in a research note on Friday, June 13th. Chardan Capital reissued a “buy” rating and issued a $20.00 price target on shares of Cleanspark in a research note on Monday, September 8th. Finally, B. Riley raised their price objective on shares of Cleanspark from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.36.

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.