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 210,912 call options on the company. This represents an increase of approximately 79% compared to the typical daily volume of 117,777 call options.

CleanSpark Stock Performance

Shares of CleanSpark stock traded down $1.04 during midday trading on Wednesday, reaching $11.32. 59,214,676 shares of the company’s stock traded hands, compared to its average volume of 31,738,586. The stock has a 50 day moving average of $12.85 and a 200-day moving average of $13.21. CleanSpark has a 12 month low of $6.41 and a 12 month high of $24.72. The company has a market cap of $3.31 billion, a PE ratio of -19.52 and a beta of 4.16.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CLSK. Hollencrest Capital Management grew its position in shares of CleanSpark by 33.3% during the 3rd quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the period. National Bank of Canada FI grew its stake in shares of CleanSpark by 470.9% during the 2nd quarter. National Bank of Canada FI now owns 2,569 shares of the company’s stock valued at $41,000 after acquiring an additional 2,119 shares during the period. KBC Group NV increased its holdings in CleanSpark by 42.0% in the 3rd quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $69,000 after acquiring an additional 2,190 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in CleanSpark by 21.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,689 shares of the company’s stock worth $75,000 after acquiring an additional 1,345 shares during the period. Finally, Doliver Advisors LP purchased a new position in CleanSpark during the third quarter valued at approximately $117,000. 43.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on CLSK. HC Wainwright reiterated a “buy” rating and issued a $27.00 target price on shares of CleanSpark in a report on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and upped their price target for the company from $10.50 to $17.00 in a research report on Tuesday, December 10th. Macquarie increased their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price target on shares of CleanSpark in a report on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $23.17.

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.