In the sector of stocks related to bitcoin mining, it seems that there is a company with great growth potential. Analyst Mike Colonnese of H.C. Wainwright has, in fact, reiterated the “buy” rating with a target price of 27 dollars for the shares of CleanSpark (CLSK).
Bitcoin Mining: the rating “buy” for CleanSpark shares with a target price of 27 dollars
From what has emerged, it seems that the analyst Mike Colonnese of H.C. Wainwright is reaffirming his position and forecast on the shares of the Bitcoin mining company CleanSpark.
Colonnese affirms once again that the rating “buy” for the shares of CleanSpark, with a target price of 27 dollars.
At the moment, the CLSK stock listed on Nasdaq is worth $11.16, which is -39% compared to a month ago. Despite this short-term bear trend, CLSK shares are in a bull pump of +70% compared to a year ago.
According to H.C. Wainwright, CoinSpark is experiencing a revenue growth of 129% year-over-year, which brings it in line with its estimates.
Not only, in his estimates, Colonnese sees an increase in revenues for the period ending September 30 and for the financial period 2025. In this regard, H.C. Wainwright has also raised its revenue estimates to 679 million dollars from the previous 589.6 million dollars.
Bitcoin Mining: the potential of CoinSpark shares related to the hashrate
Another significant factor that the analyst considered when discussing the potential of CoinSpark stocks is its hashrate.
And in fact, it seems that the bitcoin mining company has reached its hashrate guidance for the end of June 2024 at 20 exahashes per second. According to Colonnese, this is a quarterly increase that represents a 24% increase in hashrate over the six-month period.
Not only that, CleanSpark is also on track to reach the previous goal of 32 EH/s by the end of the year, thanks to expansion efforts and the addition of new extraction facilities.
One of the main positive factors is the acquisition of GRIID Infrastructure, which promises over 400 megawatts of power in the next two years.
The record of the total market of securities followed by JP Morgan
Remaining in the bitcoin mining sector, it was reported that the total market of securities listed in the USA and followed by JP Morgan, recorded the record of 22.8 billion dollars in June.
This aggregated market includes 14 titoli di miners di bitcoin, with the best performance being Core Scientific (CORZ), with its increase of +117%.
On the contrary, the worst performance was by Argo Blockchain (ARBK) with a drop of -7%.