Not to worry, there’s still upside of 192% from current levels. “We note a sale of the energy business has the potential to flip the script and drive incremental growth,” Lewis further added.Īll in all, Lewis rates CleanSpark shares a Buy, although the price target drops from $35 to $30. The analyst commented, 'Cleanspark is an energy software and. (NASDAQ: CLSK) with a Buy rating and a price target of 45.00. Sales of BTC - as the company did in December when it offloaded 414 BTC for roughly $21 million to fund rig purchases – could provide another source of funding. BTIG analyst Gregory Lewis initiates coverage on CleanSpark Inc. Management also indicated their preferred source of funding for the $40 million in CAPEX required for this year’s targeted growth is via debt, including “rig-backed financing” and are presently in talks over financing. HC Wainwright reissued a 'buy' rating and issued a 12.00 target price on shares of CleanSpark in a report on Friday, February 10th. BTIG Research dropped their target price on CleanSpark from 10.00 to 8.00 and set a 'buy' rating on the stock in a report on Thursday, February 9th. CleanSpark prefers owning the infrastructure – i.e., “controlling their own destiny,” but if needed, they will also deploy rigs at co-location facilities. Several research firms recently commented on CLSK. The remaining CAPEX stands at an estimated $40 million, as the rig growth is being matched with further build-out to the infrastructure, and the company looking to boost infrastructure capacity with the addition of another 40MW by the middle of this year. With ~1.9 EH on order and deliveries ongoing until the end of October, the company should see out the year with a hash rate of ~4 EH. “With ~90% of total 1Q22 revenue coming from BTC mining, management has quickly transitioned the company from a microgrid solutions company to a BTC mining company,” Lewis said, before adding, “With another 0.2 EH of mining capacity already online in January and a current hash rate of 2.1 EH and our CY2022 year-end target of 275 EH, we expect CLSK to continue to execute on its growth strategy.” It should be noted that CleanSpark has only been generating BTC mining revenue since December 2020, and BTIG analyst Gregory Lewis believes the progress is indicative of a company making all the right moves.
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