H.C. Wainwright Analyst Mike Colonnese Reiterates Buy Rating on CleanSpark, Inc. CLSK, With a Price Target of $27

CleanSpark reported first-quarter revenue of $162.3 million, beating analyst estimates of $150.87 million, according to Benzinga Pro.

H.C. Wainwright analyst Mike Colonnese has maintained a Buy rating on CleanSpark, Inc. (NASDAQ:CLSK) stock, raising the price forecast to $27 from a prior $25.

CleanSpark reported first-quarter revenue of $162.3 million, surpassing analyst estimates of $150.87 million, as noted by Benzinga Pro.

The company highlighted that its hashrate crossed 40 EH/s in January, and it expects to achieve its goal of 50 EH/s in the first half of 2025.

The analyst expressed optimism regarding CleanSpark’s performance in 2025, anticipating another strong year.

Colonnese expects the company to announce its 50 EH/s goal achievement by June and offer a year-end outlook.

The analyst attributed CleanSpark’s strong performance to a substantial increase in deployed hash rate, improved fleet efficiency, lower production costs, and reduced operating expenses.

H.C. Wainwright is reportedly bullish on CleanSpark, considering it a top Bitcoin miner with an impressive management team.

The analyst also expressed optimism about BTC prices in 2025.

H.C. Wainwright kept its 2025 revenue estimate at $854.9 million but increased its adjusted EBITDA projection to $663.2 million from $411.2 million.

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

Colonnese highlighted risks to the price forecast, including Bitcoin price volatility, faster-than-expected increases in network hashrate, and potential shareholder dilution due to equity sales.

CLSK shares closed up 15.3% at $11.96 on Friday.

Photo: CleanSpark, Inc.