H.C. Wainwright Reiterates Buy Rating on CleanSpark Inc. (CLSK)

H.C. Wainwright analyst Mike Colonnese reiterated a Buy rating and $27.00 price target on CleanSpark Inc. (NASDAQ: CLSK).

The analyst commented: "Yesterday (1/27), CleanSpark held a well-attended investor day at the Nasdaq in NYC after ringing the opening bell to celebrate the company’s fifth anniversary since its Nasdaq up-listing in January 2020. Management took the opportunity to showcase the company’s journey from entering the Bitcoin mining business in December 2020 as energy experts and builders of microgrids to becoming one of the leading pure-play miners in the industry today, all within the span of just four years. Through strong execution of its counter-cyclical investment strategy (patience during bull markets and builders in bear markets), land and expand approach (enter and grow in rural communities in the US with access to large-scale, low-cost power), and unwavering focus on scaling its BTC mining operations (no plans to pivot to AI), CleanSpark has emerged as one of the dominant players in the space with a best-in-class management team. As of the meeting, CleanSpark has over 900 MW of contracted power across 31 owned and operated data centers, and over 39 EH/s deployed with an average fleet efficiency rating of 17.6 J/TH. Notably, the company currently ranks in the top three among its peers across all key metrics we track, including – deployed hash rate, BTC production, fleet efficiency, operational uptime, and BTC holdings. All said, we view this as an opportune time in Bitcoin’s four-year price cycle to own one of the top operators in the industry. We believe shares of CLSK provide investors with superior, pure-play exposure to BTC’s upside potential, and we expect the stock to outperform the underlying and its peers in 2025. Reiterate Buy rating and $27 PT on our top pick for 2025."

For an analyst ratings summary and ratings history on CleanSpark Inc. click here. For more ratings news on CleanSpark Inc. click here.

Shares of CleanSpark Inc. closed at $10.31 yesterday.

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