CleanSpark stock shows potential for an upside despite mixed earnings in its recent financial report. H.C. Wainwright analyst Mike Colonnese has reiterated a “buy” rating with a $27 target price for the Bitcoin miner. This affirmation was shared on Aug. 12.

Analyst Reiterates ‘Buy’ Rating for CleanSpark

Despite mixed third-quarter 2024 financial results, H.C. Wainwright highlights a 129% year-over-year revenue growth, aligning with their estimates. At the time of writing, CLSK was trading near $10.95, showing upside potential as the company met its hashrate guidance for June 2024 at 20 exahashes per second. This represents a 24% increase in hashrate over six months, noted Colonnese.

CleanSpark is on track to reach its earlier guidance of 32 EH/s by year-end, driven by expansion efforts and the addition of new mining rigs. A significant positive is the acquisition of GRIID Infrastructure, promising over 400 megawatts of power in the next two years. Additionally, the $50 million credit deal with Coinbase is a major factor supporting the company’s growth.

“We note that the company has a history of exceeding guidance targets, and this year could prove to be no different,” Colonnese wrote.

CleanSpark Performance

The crypto mining stock has witnessed a pullback alongside the broader market, with its value down 13% in the past week and 30.9% in the past month. The miner, which mined 445 BTC in June, also saw a dip in overall BTC mined over the third quarter compared to the second quarter. Despite these fluctuations, growth projections remain positive.

H.C. Wainwright anticipates increased revenue for the period ending Sept. 30 and for the 2025 financial period. The firm has raised its revenue estimate to $679 million from the previous $589.6 million. Combining this with a higher hashrate and a forecast BTC price of $81,513 for the end of 2025, CleanSpark is given a target price of $27.

CLSK has a 52-week low of $3.38 and a 52-week high of $24.7.

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