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

Cleanspark, Inc. (NASDAQ:CLSK) was the target of unusually large options trading on Wednesday. Stock investors acquired 162,591 call options on the stock. This represents an increase of 46% compared to the typical daily volume of 111,436 call options.

Insider Activity

In related news, COO Taylor Monnig sold 63,713 shares of Cleanspark stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $9.12, for a total transaction of $581,062.56. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CLSK. Nuveen LLC acquired a new position in shares of Cleanspark during the 1st quarter worth about $8,109,000. Public Sector Pension Investment Board purchased a new stake in Cleanspark during the first quarter worth approximately $5,925,000. Rhumbline Advisers boosted its holdings in Cleanspark by 115.8% in the first quarter. Rhumbline Advisers now owns 720,903 shares of the company’s stock valued at $4,844,000 after purchasing an additional 386,809 shares in the last quarter. Swiss National Bank increased its stake in Cleanspark by 13.8% in the first quarter. Swiss National Bank now owns 566,800 shares of the company’s stock valued at $3,809,000 after purchasing an additional 68,900 shares during the last quarter. Finally, Mutual of America Capital Management LLC acquired a new stake in Cleanspark during the first quarter worth approximately $272,000. Institutional investors and hedge funds own 43.12% of the company’s stock.

Cleanspark Price Performance

Shares of CLSK stock traded up $1.64 on Wednesday, hitting $13.46. The stock had a trading volume of 62,445,663 shares, compared to its average volume of 27,316,301. The company’s 50 day moving average price is $15.77 and its 200-day moving average price is $12.27. Cleanspark has a 1 year low of $6.45 and a 1 year high of $23.61. The firm has a market capitalization of $4.01 billion, a P/E ratio of 15.83 and a beta of 3.79.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CLSK shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $21.00 price objective on shares of Cleanspark in a report on Wednesday. Wall Street Zen upgraded shares of Cleanspark from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Sanford C. Bernstein upped their price objective on Cleanspark from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. HC Wainwright lowered their price objective on Cleanspark from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Macquarie decreased their price target on Cleanspark from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.20.

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.