Cleanspark (CLSK) has received a new Buy rating, initiated by Needham analyst, John Todaro.
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John Todaro’s rating is based on Cleanspark’s strategic position as a leading miner and its attractive valuation. The company is currently the second largest in terms of hash rate and holds a substantial bitcoin stash, both of which contribute to its strong market position. He highlights Cleanspark’s operational efficiency, noting that it has the lowest general and administrative expenses per exahash within the industry, and he anticipates further improvements as the company scales its hashing capabilities.
Additionally, Todaro points out that Cleanspark is trading at a significant discount relative to its peers on an EV/EBITDA basis. He expects this valuation gap to narrow as the company reduces its reliance on equity issuance, with only minor dilution projected in the near term. Furthermore, Cleanspark’s robust balance sheet, bolstered by substantial net cash and bitcoin holdings, provides it with the flexibility to expand its operations and potentially generate additional returns through yield strategies.
According to TipRanks, Todaro is a top 100 analyst with an average return of 50.5% and a 71.55% success rate. Todaro covers the Financial sector, focusing on stocks such as Coinbase Global, TeraWulf Inc, and Cipher Mining.
In another report released yesterday, Bernstein also maintained a Buy rating on the stock with a $30.00 price target.