Canaan Inc. (NASDAQ:CAN) inventory is taking off on Tuesday regardless of a scarcity of stories in regards to the firm.
The rise in costs comes alongside heavy buying and selling of CAN inventory. That’s seen greater than 26 million shares of the inventory change fingers as of this writing. For comparability, the each day common buying and selling quantity of the inventory is lower than half that at roughly 12 million shares.
So why precisely are shares of CAN replenish at present? Contemplating the blockchain firm’s connections to Bitcoin (BTC), the rise is probably going linked to the increasing price in the cryptocurrency today.
Retaining all of that in thoughts, let’s take a closer look at Canaan Inc. and what potential CAN inventory traders have to learn about it.
- Canaan Inc. is an organization that designs and sells cryptocurrency mining machines.
- It was based in 2013 when it launched the primary ASIC-powered bitcoin mining machine.
- The corporate is at the moment the second-largest designer and producer of bitcoin mining machines.
- CAN is lead by Nangeng Zhang, the founder, chairman and CEO of the corporate.
- Canaan Inc. at the moment affords a number of variations of its AvalonMiner to clients.
- The corporate’s different merchandise embrace its Kendryte K210 computing chip.
- The chip is designed for visible and semantic recognition in quite a lot of circumstances.
- The synthetic intelligence that goes together with the chips additionally has a number of makes use of.
- That features facial recognition, sensible vitality administration, and extra.
CAN inventory was up 31.5% as of Tuesday morning and is up 156.7% for the reason that begin of the 12 months.
On the date of publication, William White didn’t have (both immediately or not directly) any positions within the securities talked about on this article.
Article printed from InvestorPlace Media, https://investorplace.com/2021/02/can-stock-9-things-to-know-about-china-blockchain-play-canaan-inc-as-shares-soar/.
©2021 InvestorPlace Media, LLC