In the current trading session, Canaan Inc. (CAN) stock had surged by 5.95% to trade at $9.18 at the last check. CAN’s stock previously closed the session at $8.66 gaining 13.05%. The stock volume traded9.43 million shares. In the past year up to date, CAN stock surged by 188.67% and in the past week jumped up by 1.64%. In the past three and six months, the stock plunged by-44.88%, and added 71.15%. Furthermore, the company is currently valued in the market at $1.51 billion and has 155.50 million outstanding shares.
What you need to know about Canaan Inc.
Canaan Inc. is a hardware manufacturing company that centers on the production and development of the incorporated circuit of the IC final system framework. These IC last frameworks are incorporated in the bitcoin mining and related products while significantly zeroing in on China as its client market. The organization additionally has a network for the supply and distribution of its IC final system product. The organization facilitates and works together with Northern Data AG for AI advancement, blockchain ability, and expertise, information-driven solutions.
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The organization has the world’s first historically speaking RISC-V-based edge artificial intelligence(AI) chip the employments of which is appropriate for digital and smart hardware and utility gadgets like smart doors and smart locks. Canaan is vigorously putting resources into the innovative work of cutting edge and refined innovation which incorporate AI models and framework on-chip and chip mixes. A computer-based intelligence chip is the center item for the organization through which the company grows and enhances its arrangement of operations and activities.
What is recently happening in the company and to its stock?
The company is being bombarded with heavy lawsuits for claims that the company has made physically bogus or potentially deceptive statements as well as neglected to uncover by disguising that because of continuous disruption in the supply chain distributions and the presentation of the Company’s cutting edge A12 arrangement bitcoin mining machines – which consumed the sales of previous product offerings- Canaan’s 4Q20 deals had declined over 93% for both compared to last year’s same period sale and previous quarter’s sales.
Since 13th March, the CAN stock has been facing a bullish trend and as of now it sells around $9 per share with volume trading lower than the average daily volume of 13.59 million. However it is important to note that the company was officially started off as a penny stock with shares of selling at $5 per piece at the end of January 2021. However the hype in crypto-currency (specifically Bitcoin) in March sky-rocketed the price of the CAN stock all the way to $39.10 on 12th March and peaked there with 19.0 million trading volume.
Bottom line
The CAN stock does not move exactly along with the BTC’s trend, as other factors and fundamentals are involved. If the company can outlast the lawsuits and allegations, investors who have bought the stock now are aiming to bet on the rise of the CAN stock for a long term and higher returns.
