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CleanSpark Stock Soars After Gaining More Support From Wall Street

By Jon Quast - Mar 11, 2021 at 4:28PM

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Analysts say CleanSpark stock still has between 47% and 63% more upside.

What happened

Shares of energy-technology and bitcoin-mining company CleanSpark (CLSK 7.21%) soared today after a Wall Street analyst initiated coverage of the stock with a bullish note. The stock was up 14% for the session.

So what

Penny stocks and small-cap stocks like CleanSpark are often off most investors' radars because analyst firms aren't giving them any coverage. However, CleanSpark stock is up around 1,700% over the past year, meaning it's starting to get some attention. According to The Fly, an analyst with BTIG is starting off their coverage of CleanSpark stock with a buy rating. The price target is set at $45 per share, which is still substantial upside.

A businessman rides a rocket ship expelling cash exhaust over a multi-colored bar chart.

Image source: Getty Images.

This is the second time in recent weeks that CleanSpark stock has felt the love from Wall Street. In February, it got a buy rating from an analyst with H.C. Wainwright. According to The Fly, this analyst set the price target for CleanSpark stock higher than BTIG at $50 per share.

Now what

Wall Street seems bullish on CleanSpark's Bitcoin mining opportunity. In recent weeks, the company announced the acquisition of new machines, as it attempts to reach a hash rate of 1.3 exahashes per second (EH/s) by this summer. With its announcements so far, it's at 633 petahashes per second (PH/s), which is almost halfway to its goal. While it's pricey to constantly buy more equipment, it's necessary if companies like CleanSpark want to stay competitive, as the total hash rate of the Bitcoin blockchain network keeps rising.

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Stocks Mentioned

CleanSpark, Inc. Stock Quote
CleanSpark, Inc.
$5.65 (7.21%) $0.38
Bitcoin Stock Quote
$29,389.56 (-1.25%) $-371.32

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