Bitcoin Mining Stock CleanSpark (CLSK) Is Surging Wednesday: What's Going On?

CleanSpark Inc CLSK shares are trading higher by 4.43% to $10.46 Wednesday morning, fueled by positive analyst sentiment and recent operational achievements.

What To Know: The surge follows an update from Chardan Capital, with analyst James McIlree reiterating a “Buy” rating and a $20 price target on the Bitcoin BTC/USD mining company.

This upward momentum builds on Tuesday’s gains, which were largely driven by a rise in Bitcoin’s price. The cryptocurrency’s rebound above the $100,000 level provided a significant lift to crypto-related stocks.

However, CleanSpark outpaced many of its peers after announcing it had successfully reached its mid-year target of a 50 exahash per second (EH/s) operational hashrate.

Zach Bradford, CEO of CleanSpark, called the milestone a result of the company’s strategy of building and operating its own infrastructure, ensuring “control, resilience and scalability.”

Additionally, in its latest operational update, CleanSpark announced it mined 694 bitcoin in May, a 10% increase month-over-month. The company concluded the period with 12,502 bitcoin in its treasury after selling 293.5 bitcoin.

Analyst Coverage: According to data from Benzinga Pro, earlier in June, JP Morgan signaled renewed confidence by raising its price target to $14 from $12, reversing a target cut it had made in March.

Throughout the year, sentiment has been positive, highlighted by a February initiation from Needham with a “Buy” rating and a $20 target, while HC Wainwright & Co. has consistently reiterated its “Buy” rating with one of the highest price targets on the street at $27.

Per Benzinga pro data, CLSK has a 52-week high of $20.49 and a 52-week low of $6.46.

How To Buy CLSK Stock

By now you're likely curious about how to participate in the market for Cleanspark – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

In the case of Cleanspark, which is trading at $10.57 as of publishing time, $100 would buy you 9.46 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

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