2024

Bitcoin

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CleanSpark stock has the potential for an upside despite the mixed earnings in its most recent financial report.
H.C. Wainwright analyst Mike Colonnese reiterated the firm’s “buy” rating with a $27 target price for the shares of the Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) miner. The analyst reaffirmed CleanSpark’s buy rating in a note shared with crypto.news on Aug. 12.
<h2 class="wp-block-heading" id="analyst-reiterats-buy-rating-for-cleanspark">Analyst reiterats ‘Buy’ Rating for CleanSpark</h2>
Despite the mixed <a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Reports-Third-Quarter-FY2024-Financial-Results/default.aspx" target="_blank" rel="noopener noreferrer nofollow">third quarter 2024 financial results</a>, H.C. Wainwright says the revenue growth of 129% year over year aligned with their estimate.
CLSK, which hovered near $10.95 at the time of writing, also has upside potential given the company achieved its hashrate guidance for the end of June 2024 at 20 exahashes per second. This quarter-over-quarter increase represented a 24% rise in hashrate over the six-month period, Colonnese noted.
CleanSpark is also on track to reach earlier guidance of 32 EH/s by the end of the year, with expansion efforts and the addition of new mining rigs key to this. One of the main positives around this is the <a href="https://crypto.news/cleanspark-acquiring-griid-infrastructure-in-155-million-all-stock-deal/" rel="noopener noreferrer nofollow">acquisition of GRIID Infrastructure</a> that promises over 400 megawatts of power over the next two years.
The $50 million credit deal with Coinbase is another major factor.
“We note that the company has a history of exceeding guidance targets, and this year could prove to be no different,” Colonnese wrote.
Read more: <a href="https://crypto.news/cleanspark-finalizes-bitcoin-site-acquisition-despite-concerns/" rel="noopener noreferrer nofollow"> CleanSpark finalizes Bitcoin site acquisition despite concerns </a>
<h2 class="wp-block-heading" id="cleanspark-performance">CleanSpark performance</h2>
The crypto mining stock, however, has witnessed a pullback alongside the broader market, with its value down 13% in the past week and 30.9% in the past month. The miner, which <a href="https://crypto.news/cleansparks-amped-hashrate-mined-445-bitcoin-in-june/" rel="noopener noreferrer nofollow">mined 445 BTC in June</a>, also saw a dip in overall BTC mined over the third quarter compared to the second quarter.
While impactful, growth projections give the stock a positive outlook.
In their estimate, H.C. Wainwright sees increased revenue for the period ending Sept. 30 and for the 2025 financial period. The firm has raised their revenue estimate to $679 million from the previous $589.6 million, combining this with the higher hashrate and forecast BTC price of $81,513 for the end of 2025 to give CLSK a target price of $27.
CLSK has a 52-week low of $3.38 and 52-week high of $24.7.
You might also like: <a href="https://crypto.news/bitfarms-stock-analyst-reiterates-buy-rating-and-4-price-target/" rel="noopener noreferrer nofollow"> Bitfarms stock: analyst reiterates Buy rating and $4 price target </a>

Bitcoin mining analyst reaffirms CleanSpark stock as Buy

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