CleanSpark price target raised to $27 from $15 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on CleanSpark to $27 from $15 and keeps a Buy rating on the shares. Since the start of 2024, CleanSpark has grown its operating hash rate by 50% to 15 EH/s, the fastest rate of growth among the public miners over this period and entered into one of the largest purchase agreements to date with Bitmain to acquire up to 32 EH/s of S21 model miners, the analyst tells investors in a research note. The firm believes the company is well on its way to achieve its 20 EH/s guidance by the first half of 2024, and could potentially reach 32 EH/s by end of year.