Market Slump Drags Down Share Prices of CleanSpark Inc. (CLSK)

We recently published an article titled Market Slump Drags Down Share Prices of These 15 Companies. 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 ended this week’s trading on a bloodbath following an overall market selloff as investors shifted their capital into assets offering higher returns.

This article will delve into the factors behind the downturn and explore why each company was particularly affected.

To come up with Friday’s top losers, we considered only the stocks with 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)

CleanSpark saw a decline in its share price on the last trading day of the week, shedding 5.6 percent to finish at $9.78 apiece.

Friday’s trading day sparked a selloff, mirroring major indices, amid the lack of catalyst to perk up the market.

Over the past two months, several analysts have also posted a more pessimistic outlook on the company, downgrading their earnings per share (EPS) estimates from +$0.12 to -$0.30.

In the past 30 days, its share valuation decreased by 29 percent. Its stock has also been trading significantly below its 50-day moving average of $12.96 and its 200-day moving average of $13.07.

CleanSpark is a Bitcoin mining company which owns sustainable data centers powered by low-carbon energy sources. Its stock price mirrors Bitcoin performance which means that any volatility in Bitcoin trading will significantly affect CleanSpark’s share prices.

Overall CLSK ranks 11th on our list of the stocks that were recently dragged down by market slump. 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.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

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