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Investing.com - Macquarie has raised its price target on CleanSpark Inc. (NASDAQ:CLSK) to $20.00 from $18.00 while maintaining an Outperform rating following the company’s third-quarter results. According to InvestingPro data, analysts’ targets for the stock range from $15.00 to $25.00, reflecting strong growth expectations.
CleanSpark reported third-quarter revenue of $198.6 million, representing 91% year-over-year growth. This figure was largely in line with FactSet consensus estimates of $198.9 million and slightly ahead of Macquarie’s expectation of $196.1 million.
The bitcoin mining company achieved $377.7 million in adjusted EBITDA, significantly exceeding consensus estimates of $88 million, with a 54.6% gross margin. CleanSpark reached its second-quarter target of 50 EH/s and now controls approximately 5.8% of global hashrate, up from 4.3% at the end of fiscal year 2024.
CleanSpark closed the quarter with $35 million in cash and over 12,600 Bitcoin with a fair value of approximately $1 billion. The company’s total liquidity exceeded $1 billion at quarter-end, with strong derivative deals and counterparty activity as it works to monetize its holdings. InvestingPro Tips highlight that while the company’s liquid assets exceed short-term obligations, it’s currently burning through cash rapidly. Get access to 8 more exclusive ProTips and comprehensive analysis with InvestingPro.
Macquarie noted that CleanSpark’s network of sites has been coming online in a timely fashion, with the company developing a blueprint for rollout supported by coordinated staffing and flexible power strategy. The firm also highlighted that the value of CleanSpark’s miners and infrastructure exceeds $1.3 billion in fair value. With a current ratio of 8.67x and analysts predicting profitability this year, the company shows promising operational efficiency.
In other recent news, CleanSpark Inc. reported strong financial results for its fiscal third quarter of 2025. The company achieved earnings per share of $0.78, significantly exceeding the forecasted $0.16. Revenue for the quarter reached $199 million, slightly surpassing the expected $195.75 million. This marks CleanSpark’s third consecutive quarter of record-setting revenue, with a 90.8% year-over-year increase, totaling $198.6 million. Following these impressive earnings, Cantor Fitzgerald raised its price target for CleanSpark to $26.00 from $25.00, maintaining an Overweight rating. These recent developments highlight CleanSpark’s continued growth and strong financial performance.
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