CleanSpark Is A High Conviction Name In Bitcoin Mining Sector: Analyst

H.C. Wainwright analyst Mike Colonnese reiterated the Buy rating on CleanSpark, Inc. (NASDAQ:CLSK), with a price forecast of $27.

H.C. Wainwright analyst Mike Colonnese maintained a Buy rating on CleanSpark, Inc. (NASDAQ:CLSK) shares and reiterated a $27 price target on the stock.

The analyst highlighted several factors contributing to CleanSpark's strong performance in 2023. Among them were a substantial increase in deployed hash rate, improved fleet efficiency, reduced production costs, and lower operating expenses.

Colonnese remained bullish on CleanSpark, viewing it as one of the top Bitcoin miners with an excellent management team, and continued to be optimistic about BTC prices in 2025.

"We are encouraged by the company's recent performance and believe that another strong year is in the cards for 2025,» the analyst added.

Colonnese kept the 2025 revenue estimate at $854.9 million but raised the adjusted EBITDA forecast to $663.2 million from $411.2 million.

The estimates were based on a Bitcoin price of $98,866, an average network hash rate of 837 EH/s, and CleanSpark’s hash rate of 42 EH/s for the year ending September 30, 2025.

Highlighting some risks to reaching the price forecast, the analyst noted Bitcoin price volatility, quicker-than-expected increases in network hash rate, and potential shareholder dilution from equity sales.

Price Action: CLSK shares were trading higher by 15.3% to $11.96 at last check Friday.