Is CleanSpark Inc. (CLSK) the Biggest Loser of This Week?

We recently compiled a list of the 10 Biggest Losers of This Week. In this article, we are going to take a look at where CleanSpark Inc.  (NASDAQ:CLSK) stands against the other stocks.

Wall Street’s main indices all finished in the green during a shortened trading session this week, yet 10 companies–mainly technology stocks– still booked significant losses in their valuations. Let’s take a look at the extent of each company’s losses and the potential factors that could have dampened investor sentiment.

To come up with the biggest losers this week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A hall of server racks, illuminated by blue LED lights and humming with energy.

CleanSpark Inc.  (NASDAQ:CLSK)

Shares of CleanSpark (CLSK) dropped by 3 percent to $10.66 from the $11.08 opening price on Monday.

Despite the decline, CleanSpark’s stock remains significantly below its 50-day moving average of $12.96 and its 200-day moving average of $13.07. The company has a market cap of $3 billion and a price-to-earnings ratio of -17.69, reflecting negative earnings.

Analysts have revised their earnings per share (EPS) estimates downward from +$0.12 to -$0.30 over the past two months, signaling a more pessimistic outlook. CleanSpark is a leading Bitcoin miner, specializing in sustainable data centers powered by low-carbon energy sources. The stock price of the stock moves in tandem with bitcoin and the volatility in bitcoin price also affects CLSK’s stock price.

Overall CLSK ranks 7th on our list of the biggest losers of this week. While we acknowledge the potential of CLSK as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CLSK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.