Mike Colonnese, an analyst from H.C. Wainwright, reiterated the Buy rating on Cleanspark (CLSK – Research Report). The associated price target remains the same with $25.00.
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Mike Colonnese has given his Buy rating due to a combination of factors including Cleanspark’s strategic positioning in the Bitcoin mining industry and its robust operational capabilities. Despite mixed second-quarter results, Colonnese is optimistic about Cleanspark’s growth prospects, particularly given the company’s ability to maintain operations without external funding and its plans to expand its mining capacity to 57 EH/s by the end of 2025.
Colonnese also highlights Cleanspark’s strong liquidity position, with significant Bitcoin reserves valued over $1.2 billion, which positions it as a rare asset in the market. Furthermore, Cleanspark’s current scale and profitability, with production costs significantly lower than the current Bitcoin price, suggest a potential for the company to outperform Bitcoin in the latter half of 2025. These factors contribute to Colonnese’s confidence in Cleanspark as a top pick with a Buy rating.
Colonnese covers the Financial sector, focusing on stocks such as Cipher Mining, Riot Platforms, and HIVE Digital Technologies. According to TipRanks, Colonnese has an average return of 26.2% and a 44.53% success rate on recommended stocks.
In another report released on May 6, KBW also maintained a Buy rating on the stock with a $15.50 price target.