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Tuesday, H.C. Wainwright reiterated its Buy rating and $27.00 price target for CleanSpark Inc. (NASDAQ:CLSK) shares, representing significant upside potential from the current price of $10.31. According to InvestingPro data, analyst targets range from $17 to $30, with a strong consensus recommendation of 1.62 (Buy). The reaffirmation came after CleanSpark's investor day event at the Nasdaq in New York City, where the company celebrated its fifth anniversary of being listed on the exchange.
During the event, CleanSpark highlighted its evolution from entering the Bitcoin mining sector in December 2020 with a background in energy and microgrid construction to becoming a prominent pure-play Bitcoin miner. The management emphasized their successful strategy, which includes investing during bear markets and expanding in rural U.S. communities with access to low-cost power. This strategy has yielded impressive results, with InvestingPro data showing remarkable revenue growth of 125% in the last twelve months.
The company's current operations boast over 900 megawatts of contracted power across 31 owned and operated data centers, and more than 39 exahashes per second (EH/s) of deployed hash rate with an average fleet efficiency of 17.6 joules per terahash (J/TH). CleanSpark ranks in the top three among its peers in several critical metrics, such as deployed hash rate, Bitcoin production, fleet efficiency, operational uptime, and Bitcoin holdings. The company maintains a strong financial position with a healthy current ratio of 3.75 and operates with moderate debt levels, as revealed in the comprehensive InvestingPro Research Report, available along with 10+ additional ProTips for subscribers.
The analysts at H.C. Wainwright consider the current period an advantageous time in Bitcoin's four-year price cycle to invest in top industry operators. They expect CleanSpark stock to perform well against both the underlying asset and its competitors throughout 2025, with analysts forecasting profitability this year. The firm's stance remains firm on CleanSpark as their top pick for the year, citing the stock's potential to capitalize on Bitcoin's upside.
In other recent news, CleanSpark, a Bitcoin mining company, has announced the pricing of a $550 million private offering of convertible bonds, set to mature in June 2030. The bonds, which carry a 0% interest rate, will be used to fund various strategic initiatives, including capped call transactions, repurchasing of common stock, and repayment of outstanding credit line with Coinbase (NASDAQ:COIN). Meanwhile, Microstrategy (NASDAQ:MSTR) and other companies with significant cryptocurrency exposure have seen a downturn in their stocks due to a significant pullback in Bitcoin's value and the Federal Reserve's signals of interest rate caution. This has led to a record outflow of $680 million from a group of US exchange-traded funds investing directly in Bitcoin. On a different note, JPMorgan has upgraded CleanSpark's stock from Neutral to Overweight, increasing the price target to $17 from the previous $10.50, highlighting the company's significant role in the Bitcoin mining industry. These are recent developments in the companies' operations.
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