Benzinga - CleanSpark, Inc. (NASDAQ:CLSK) and Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares are trading higher Friday amid a rise in the price of Bitcoin. Here's a look at what to know.
What To Know:
Bitcoin has gained more than 2% over the past 24 hours and is trading at $64,598.80 heading into its fourth halving event scheduled for approximately April 20.
The halving will significantly impact mining profitability, as rewards for miners will be cut in half. Mining companies employing newer, energy-efficient ASIC hardware will likely fare better, while those relying on older, less efficient models may struggle to stay afloat.
Some miners may sell bitcoin their holdings to increase revenue. The event could even lead to consolidation within the mining industry, with the most efficient operators potentially increasing their market share.
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Will CLSK Stock Go Up?
Wall Street analysts have an average 12-month price target of $22.40 on Cleanspark. The Street high target is currently at $27.0 and the Street low target is $14. Of all the analysts covering Cleanspark, 9 have positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, 5 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Cleanspark have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Cleanspark is 342.12% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Cleanspark, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
CLSK, MARA Price Action: According to Benzinga Pro, CleanSpark shares are up 2.08% at $16.57 and Marathon Digital shares are up 1.6% at $15.26 at the time of publication Friday.
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