Canaan Inc. (CAN) stock is performing well. As of this writing, it has gained 10.05% in the pre-market session on Tuesday, March 30, 2021. It was closed at $17.61 per share yesterday after gaining 1.21%.
CAN share prices have decreased by -23.33% over the past week, but are up 372.12% over prices posted in the last quarter. Going further back, the stock’s price has tanked 780.50% over the last 6 months but is up 196.96% in year-to-date trading.
Let’s have a look at the recent developments.
Scheduling the financial results announcements
On March 29, 2021, Canaan announced that it is going to release its fourth quarter and full-year 2020 financial results before the market opens on Monday, April 12, 2021.
CAN stock’s management team will hold a Direct Event conference call on Monday, April 12, 2021, at 8:00 A.M. Eastern Time.
Revised revenue indicators for 2021
On Feb. 10, 2021, Canaan, announced improved revenue visibility for 2021 due to 100,000 units of bitcoin mining machine orders from North American customers. Many of those orders were placed with prepayment which will result in generating more revenue for CAN stock.
Canaan Creative, known simply as Canaan, is a China-based computer hardware manufacturer. Established in 2013 by N.G. Zhang, Canaan specializes in Blockchain servers and ASIC microprocessor solutions for use in bitcoin mining. Initially, Canaan mainly developed FPGA products based on the SHA-256 algorithm.
Canaan is renowned for having invented the world’s first ASIC-powered bitcoin mining machine in 2013, radically catalysing the growth of a computationally-advanced bitcoin mining sector. Today, Canaan continues to be the second-largest designer and manufacturer of bitcoin mining machines globally.
Conclusion: Cryptocurrency and related business are booming and the trend will continue in the near future. The upcoming better financial results can take CAN stock to new heights.