CleanSpark Inc. (CLSK) PT Raised to $28 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch raised the price target on CleanSpark Inc. (NASDAQ: CLSK) to $28.00 (from $27.00) while maintaining a Overweight rating.

The analyst comments "CleanSpark (CLSK) released their June operations update this morning (7/2). We have updated our model and raised our PT to $28 from $27. CleanSpark reported a current hashrate of 20.4 EH/s, a 13.5% m/m increase from 17.97 EH/s in May. Average hashrate during June was 17.85 EH/s. CLSK mined 445 in June, up from 417 in May, which was primarily driven by the dynamic of increasing scale and decreasing overall network hash, as network hash decreased ~7% during the month. CLSK remained busy in June on the power acquisition front, as the company acquired 5 sites in GA totaling 60 MW (note here) as well as 400 MW of capacity in TN with the acquisition of GRIID (note here). These site acquisitions bring the CLSK power capacity pipeline north of 1 GW. Further, CLSK has advanced on the Dalton expansion project, with the company pouring concrete for both building foundations and completing the implementation of transformers. CLSK expects the Dalton expansion to be completed in by September 2024, adding 0.8 EH/s and increasing the hashrate of Dalton's 4 sites to 2.4 EH/ s. As for efficiency, CLSK decreased J/TH of the overall fleet to 22.31 J/TH from 23.05 J/TH. We believe increases in efficiency are primarily driven by the deployment of S21 miners as part of the company's recent agreement with Bitmain (private) for 160k of the machines. Bitcoin held on CLSK's balance sheet increased to 6,591 in June, up from 6,154 in May, as the company sold 8.06 Bitcoin during the month. We continue to believe the market is underappreciating the visibility of CLSK's scale, as recent infrastructure enhancements and mining purchases provide a clear path to 50 EH/s and efficiency below 20 J/Th."

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