This morning, Cantor Fitzgerald maintained their Overweight rating on Cleanspark’s stock with a price target of $23.00.

Cantor Fitzgerald maintained an Overweight rating on CleanSpark’s stock due to the following reasons:

Strong Operational Performance and Growth Prospects: CleanSpark has demonstrated significant operational efficiency, with one of the best uptimes in the industry (98%) and an impressive amount of Bitcoin mined per EH/S of hash rate (23.3 in July). The company has also outlined a clear growth trajectory, expecting to increase its hash rate by approximately 45% in the coming months, reaching 32 EH/S by the end of December. This growth is supported by both organic expansions, such as power agreements in Wyoming, and inorganic expansions through acquisitions, like the ones in Tennessee (GRIID) and Georgia. CleanSpark’s commitment to expanding and refreshing its fleet with more powerful and efficient machines further solidifies its position as a strong operator with the best near-term growth story in the Bitcoin mining sector.
Financial Position and Expansion Strategy: CleanSpark ended the quarter with significant liquidity, having $126.1 million in cash and $413 million in Bitcoin, totaling approximately $539 million. The company has also raised additional funds through equity issuance and entered into a revolving credit facility, enhancing its financial flexibility. CleanSpark’s aggressive expansion strategy, including the acquisition of Bitcoin mining data centers in Georgia and a substantial order for new mining equipment with Bitmain, positions the company to significantly increase its hash rate capacity. This financial strength and strategic investment in growth initiatives underscore CleanSpark’s robust position in the competitive Bitcoin mining industry, warranting the maintained Overweight rating despite the revised price target.

Cantor Fitzgerald Brett Knoblauch 27% 1-year accuracy 22 / 81 met price target	184%upside $23	Overweight Reiterated	3 Sept 2024
JP Morgan Reginald Smith 48% 1-year accuracy 12 / 25 met price target	30%upside $10.50	Neutral Maintained	23 Aug 2024
HC Wainwright & Co. Mike Colonnese 16% 1-year accuracy 8 / 50 met price target	234%upside $27	Buy Reiterated	12 Aug 2024
Cantor Fitzgerald Brett Knoblauch 27% 1-year accuracy 22 / 81 met price target	184%upside $23	Overweight Maintained	12 Aug 2024
Cantor Fitzgerald Brett Knoblauch 27% 1-year accuracy 22 / 81 met price target	246%upside $28	Overweight Maintained	3 Jul 2024

CleanSparkCLSK

Fund manager confidence

85% more first-time investments, than exits

76% more repeat investments, than reductions

14% more funds holding

0% more funds holding in top 10

7% less call options, than puts

6.31% less ownership

24% less capital invested

Research analyst outlook

8 analyst ratings

Financial journalist opinion

CleanSpark
CLSK