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Investing.com - BTIG raised its price target on CleanSpark Inc. (NASDAQ:CLSK) to $26.00 from $22.00 on Monday, maintaining a Buy rating on the Bitcoin mining company. The stock, currently trading at $19.28, has delivered an impressive 157% return over the past six months. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
The price target increase reflects CleanSpark’s significant expansion of its hash capacity, which now stands at 50 EH, representing approximately 80% growth year-to-date. The company has focused on building out its owned infrastructure footprint over the past year. This expansion has contributed to CleanSpark’s robust 84.66% revenue growth and strong financial health, with a current ratio of 4.37. InvestingPro data reveals 13 additional key metrics and insights available for deeper analysis.
BTIG anticipates CleanSpark will continue developing its Bitcoin mining operations while potentially pursuing high-performance computing (HPC) colocation opportunities across its existing and planned infrastructure sites.
The research firm specifically noted that after being on the sidelines for the past year regarding HPC, CleanSpark may start pursuing these opportunities across its infrastructure footprint, particularly at future locations.
BTIG also highlighted the possibility that CleanSpark’s existing Bitcoin mining locations in Georgia, which include a tier 4 data center, could potentially be converted from Bitcoin mining to HPC, with some locations potentially using a hybrid model where electricity is diverted to Bitcoin mining when HPC workflow is light.
In other recent news, CleanSpark Inc. has made several noteworthy announcements. The company reported an estimated $71.4 million in Bitcoin mining revenue for September, a slight decrease from $75.7 million in August, due to a reduction in Bitcoin production from 657 to 629. CleanSpark has also expanded its capital strategy by securing a $100 million Bitcoin-backed credit facility with Two Prime, increasing its total collateralized lending facilities to $400 million. This move is aimed at enhancing their Bitcoin mining hashrate deployment and high-performance computing capabilities. Additionally, CleanSpark’s Bitcoin holdings have surpassed 13,000 BTC, with notable improvements in production efficiency and fleet performance. In terms of analyst ratings, Needham and Cantor Fitzgerald raised their price targets for CleanSpark to $23 and $24, respectively, while maintaining positive ratings. Conversely, JPMorgan downgraded the stock from Overweight to Neutral, citing valuation concerns and adjusting their price target to $14. CleanSpark’s operational hashrate remains at 50 EH/s, maintaining its position among the largest publicly listed miners by this metric.
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