H.C. Wainwright boosted price target from $24 to $50

Bitcoin believers are reaping the rewards and H.C. Wainwright analyst Amit Dayal thinks the surge merits a rethink for his CleanSpark (CLSK) model.

The analyst boosted his price target from $24 to $50, suggesting upside of 72% from current levels. Accordingly, Dayal’s rating stays a Buy.

The reason for the new bullish target is easy to explain. The microgrid software specialist has been growing its Bitcoin mining capacity and with the rising Bitcoin price, CleanSpark will be raking in additional revenue.

However, the problem with trying to estimate projected revenues for any company involved in Bitcoin related endeavors is extremely difficult due to the constantly moving goalposts, especially when looking several years ahead.

The Bitcoin contribution to CleanSpark’s balance sheet is set to increase. The March quarter will see a full quarter of Bitcoin input, with production bringing in between 1.5 to 2 bitcoins per day as the hash rate has increased from 200 PH/s in December to over 315 PH/s in February.

By early 2H21, the company expects to have an extra 800 to 880 PH/s of processing capacity which should grow the total Bitcoin mining capacity to between 1.0 and 1.3 EH/s.

finance.yahoo.com/news/cleanspark-bitcoin-surge-merits-price-000253704.html