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Investing.com - Ladenburg Thalmann initiated coverage on CleanSpark Inc. (NASDAQ:CLSK) with a Buy rating and a price target of $20.25 on Monday. The stock currently trades at $11.82, with a market capitalization of $3.32 billion.
The research firm cited CleanSpark’s expected hashrate expansion above 60 EH/s into fiscal 2026 as a key factor in its positive outlook, suggesting the current market valuation does not fully reflect the company’s revenue growth (89.47% in the last twelve months), increasing Bitcoin holdings, and growing market presence in Bitcoin mining. With a beta of 4.25, investors should note the stock’s high volatility.
Ladenburg Thalmann projects CleanSpark’s revenues will reach $1.14 billion in calendar 2026, with adjusted EBITDA of $521 million, supporting its valuation model.
The firm applied a 5x multiple on estimated 2026 revenues to arrive at its $20.25 price target, which it described as "conservative, yet fair."
The initiation comes as CleanSpark continues to strengthen its position in the cryptocurrency mining sector, with the firm noting the company should be "valued more in line with the earnings growth potential and other successful companies in the space."
In other recent news, CleanSpark, Inc. has achieved its mid-year target of 50 exahash per second (EH/s) in operational hashrate, producing 685 bitcoin in June and holding a total of 12,608 bitcoin in its treasury. This milestone highlights the company’s expansion in Bitcoin mining capabilities, as noted in an unaudited update from the firm. CleanSpark’s growth in mining capacity has been recognized by B.Riley, which initiated coverage of the company’s stock with a Buy rating and a price target of $16.00. Meanwhile, Chardan Capital Markets has adjusted its price target for CleanSpark to $20.00, down from $26.00, while maintaining a Buy rating, citing the company’s financial strength and flexibility. The firm believes CleanSpark can self-fund its operations and expansion through the sale of mined bitcoins. CleanSpark’s operations span over 30 sites across several U.S. states, with 987 MW of contracted power fully owned and operated by the company. Despite a decline in CleanSpark’s share price, analysts see potential in the company’s ability to grow its bitcoin reserves. These developments come amid a broader market environment where cryptocurrency-linked stocks have experienced fluctuations following Moody’s downgrade of the U.S. credit rating.
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