Cleanspark nasdaq Clsk Stock Spikes As Cantor Fitzgerald Issues Bullish Coverage

CleanSpark (NASDAQ: CLSK) Stock Spikes as Cantor Fitzgerald Issues Bullish Coverage

CleanSpark (NASDAQ: CLSK) stock jumped during intraday trading Wednesday after receiving favorable coverage from Cantor Fitzgerald. The firm initiated coverage with an Overweight rating and set a price target of $27.00, citing CleanSpark’s efficient mining fleet and strong liquidity as key factors.

According to Cantor Fitzgerald, CleanSpark boasts the most efficient mining fleet in the industry, operating at 24.2 joules per terahash (J/TH). This high efficiency contributes to its status as the second-lowest all-in cost to mine a single Bitcoin. Additionally, the firm’s analysis suggests that CleanSpark’s aggressive deployment of mining rigs could lead to the company achieving the largest hash rate in the industry by the end of 2024, with projections reaching around 48 exahashes per second (EH/S).

Furthermore, Cantor Fitzgerald highlighted CleanSpark’s solid liquidity, ranking third-best among its peers. This strong financial position bolsters confidence in the company’s ability to meet its operational goals. The firm anticipates that as CleanSpark fully deploys its mining capacity, the average fleet efficiency could improve to below 20 J/TH, further solidifying its competitive edge as a low-cost Bitcoin miner.

With a newly set price target of $27.00, Cantor Fitzgerald’s outlook reflects a positive expectation for CleanSpark’s stock performance. The Overweight rating suggests that the firm views CLSK stock as a potentially favorable investment, expecting it to outperform the market or its industry peers.

CleanSpark (NASDAQ: CLSK) Stock Price Action

On Wednesday, CLSK stock surged 8.15%, closing at $17.25, marking a 5.44% increase for the week. The trading volume was 46,503,088 shares, significantly higher than the average daily volume of 31.37 million.