Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 19 Nov, 25 | CLSK | Buy | USD 10.81 | USD 11.5 | USD 12.0 | 1 day | Closed |
9.94%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
CleanSpark, Inc. operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc. and changed its name to CleanSpark, Inc. in November 2016. CleanSpark, Inc. was incorporated in 1987 and is headquartered in Henderson, Nevada.
Higher Bitcoin Production and Improved Realization: During Q3 FY25, the company produced 2,012 Bitcoin, which is 436 more coins or 28% higher than the Q3 FY24 output of roughly 1,576 Bitcoin
Strong Surge in Revenue: In Q3 FY25, CleanSpark generated approximately USD 199 million in revenue, which is an increase of USD 95 million or 91% compared to Q3 FY24
Rising Marginal Cost Per Bitcoin: Although still efficient, the marginal cost to mine a coin rose in Q3 FY25 to USD 44,806, representing a 5% increase from the immediately preceding quarter due to higher mining difficulty
Increased Overhead and Operating Expenses: In Q3 FY25, CleanSpark’s cash overhead increased by USD 4.6 million or 17% versus the prior period, driven largely by higher property taxes and insurance adjustments, reflecting cost pressure relative to Q3 FY24 levels
CleanSpark’s future performance is highly exposed to Bitcoin price volatility and network difficulty increases, which can materially impact mining economics, margins, and the company’s ability to fund operations and expand profitably
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 10.81 | 9.8 | 11.5 | 12.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Record-Setting Financial Performance: CleanSpark delivered its strongest quarter in company history, reporting approximately USD 199 million in revenue, reflecting a 91% year-over-year increase driven by higher Bitcoin production and favorable market pricing . Gross margins remained robust at 55%, supported by lower power costs and one of the industry’s most efficient fleets. Net income surged to USD 257 million, underlining the company’s operational leverage and cost discipline.
Significant Growth in Bitcoin Treasury and Production: The company produced 2,012 Bitcoin during the quarter—up 28% over the prior year—while maintaining an expanding Bitcoin treasury totaling 12,608 BTC, valued at approximately USD 1 billion at quarter-end . CleanSpark’s cost to mine each coin (USD 44,806) remained well below the average spot price (~USD 98,500), reinforcing the firm’s structural advantage as a low-cost U.S.-based miner.
Expansion of Operational Capacity and Efficiency: CleanSpark achieved a major operational milestone by reaching 50 exahash of hash rate, becoming the first publicly traded company to do so entirely on U.S. infrastructure . With an average fleet efficiency of ~16 J/TH, and more than 1 GW of contracted power—of which only 80% is currently utilized—the company has built a scalable, flexible, and cost-effective mining footprint with over 200 MW of immediate expansion capacity.
Strengthened Balance Sheet and Capital Strategy: The firm ended the quarter with over USD 1 billion in liquidity, including Bitcoin holdings and cash, while maintaining a conservative debt profile with 0% coupon convertible notes and expanded credit facilities through Coinbase Prime . Its newly launched digital asset management strategy—focused on covered calls—is expected to generate a target 4% yield on the entire treasury while avoiding counterparty risks typical in unsecured lending.
As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Buy’ rating has been given CleanSpark, Inc (NASDAQ: CLSK) at the closing market price of USD 10.81 as of Nov 18,2025
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CLSK CleanSpark Inc |
0.20 1.86% | 11.24 | - | 1250.00 | 9.74 | 1.89 | 7.51 | 194.54 |
| MS Morgan Stanley |
-2.29 1.24% | 182.81 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| CGXYY China Galaxy Securities Co Ltd ADR |
- -% | 31.98 | 144.44 | 86.21 | 4.25 | 7.96 | ||
| SCHW Charles Schwab Corp |
-1.56 1.48% | 103.61 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| GS Goldman Sachs Group Inc |
-7.485 0.79% | 938.85 | 18.44 | 10.60 | 2.83 | 1.16 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on November 19, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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