Looking At Cleanspark's Recent Unusual Options Activity

Author: Benzinga Insights | April 12, 2024 10:18am

Deep-pocketed investors have adopted a bearish approach towards Cleanspark (NASDAQ:CLSK), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CLSK usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Cleanspark. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 44% leaning bullish and 55% bearish. Among these notable options, 3 are puts, totaling $992,600, and 6 are calls, amounting to $220,919.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $32.0 for Cleanspark during the past quarter.

Volume & Open Interest Trends

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Cleanspark's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Cleanspark's significant trades, within a strike price range of $10.0 to $32.0, over the past month.

Cleanspark 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
CLSK	PUT	SWEEP	BULLISH	09/20/24	$9.3	$9.3	$9.3	$21.00	$930.1K	5.1K	0
CLSK	CALL	SWEEP	BULLISH	05/24/24	$1.3	$1.15	$1.3	$23.00	$50.7K	4	0
CLSK	CALL	TRADE	BULLISH	06/21/24	$6.2	$6.1	$6.2	$10.00	$46.5K	3.4K	0
CLSK	CALL	SWEEP	NEUTRAL	06/21/24	$1.05	$0.95	$1.0	$32.00	$45.9K	1.5K	0
CLSK	PUT	TRADE	BEARISH	04/19/24	$1.3	$1.25	$1.3	$16.00	$32.5K	2.2K	257

About Cleanspark

Cleanspark Inc is a bitcoin mining company. Through CleanSpark, Inc., and the Company's wholly owned subsidiaries, the company mines bitcoin. The company entered the bitcoin mining industry through its acquisition of ATL. Bitcoin mining is the sole reportable segment of the company.

Following our analysis of the options activities associated with Cleanspark, we pivot to a closer look at the company's own performance.

Present Market Standing of Cleanspark

• Currently trading with a volume of 4,316,012, the CLSK's price is down by -4.1%, now at $15.22.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 26 days.

What Analysts Are Saying About Cleanspark

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $20.8.

• An analyst from BTIG has decided to maintain their Buy rating on Cleanspark, which currently sits at a price target of $22.
• Consistent in their evaluation, an analyst from HC Wainwright & Co. keeps a Buy rating on Cleanspark with a target price of $27.
• Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $20.
• An analyst from JP Morgan has decided to maintain their Neutral rating on Cleanspark, which currently sits at a price target of $15.
• An analyst from Cantor Fitzgerald persists with their Overweight rating on Cleanspark, maintaining a target price of $20.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cleanspark with Benzinga Pro for real-time alerts.

Posted In: CLSK