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• H.C. Wainwright reiterates CleanSpark Inc its high decide for 2023.
• Analyst Mike Colonnese defined why in a analysis notice as we speak.
• CleanSpark stock is already up greater than 50% for the yr.

Shares of CleanSpark Inc (NASDAQ: CLSK) are up practically 15% this morning after an H.C. Wainwright analyst named the bitcoin miner his high decide for 2023.

CleanSpark stock might quadruple from right here

On Tuesday, Mike Colonnese reiterated his “buy” score on the crypto firm and mentioned its shares might climb to $12 – a couple of 300% upside from right here.

The bullish name on Clean Spark stock arrives solely hours after it revealed to have purchased 45,000 new Antminer S19 XPs from Bitmain for about $145 million.

CLSK secured machines for a really enticing $23/TH, the bottom we’ve seen for these rigs, and 12% beneath the going price for top effectivity ASICs primarily based on Luxor’s Bitcoin ASIC Price Index.

With this buy, the analyst added, CleanSpark can be ready to enhance its hash price to 16 EH/s in step with the corporate’s year-end goal.

CleanSpark stock is considerably undervalued

CleanSpark is anticipated to report its Q2 monetary outcomes subsequent month. Consensus is for it to lose 37 cents a share this quarter versus 5 cents of EPS a yr in the past.

For the yr, CleanSpark stock is up greater than 50% at writing. Still, Colonnese is satisfied that it’s considerably undervalued. His research note reads:

It’s buying and selling at 46% low cost to friends on market cap to deployed hash price, which we view as unwarranted. Today’s announcement ought to give traders extra visibility and conviction into CLSK.

In phrases of fleet effectivity, CleanSpark is forward of everybody else within the trade following as we speak’s cope with Bitmain, the analyst concluded.