Why CleanSpark, Inc. (CLSK) Went Up on Friday

We recently compiled a list of the 10 Stocks End With Solid Performance. In this article, we are going to take a look at where CleanSpark, Inc. (NASDAQ:CLSK) stands against the other stocks.

The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.

The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.

Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.

To come up with the list, 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, Inc. (NASDAQ:CLSK) grew its share prices on Friday by 8.34 percent to close at $8.83 apiece as investor sentiment was boosted by the recently concluded cryptocurrency summit at the White House where President Donald Trump and industry stakeholders sat down to firm up plans for a cryptocurrency reserve.

Meanwhile, buying appetite was further boosted after an investment bank assigned a “buy” rating on CleanSpark, Inc. (NASDAQ:CLSK) and other Bitcoin mining firms such as BTDR, IREN, CIFR, HUT, and HIVE.

According to HC Wainwright analyst Mike Colonnese, the recent selloff in Bitcoin mining firms created a “very attractive buying opportunity,” albeit macroeconomic factors will continue to be the primary drivers for the performance of digital assets over the short-term period.

Last week, CleanSpark, Inc. (NASDAQ:CLSK) announced that it increased the number of mined Bitcoins for February by 624 to push its total holdings to 11,177.

Overall CLSK ranks 10th on our list of Friday’s top performers. While we acknowledge the potential of CLSK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CLSK but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

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