Shares of the Chinese mining company Canaan Creative, which had been falling for a long time, fell in just one dayup 82.73% on the Nasdaq.
Data: Nasdaq
On Wednesday, trading closed at $ 8.04, starting at $ 4.42. At the same time, the trading volume reached 11 million shares, while until that day the daily average was 250,000.
Recall since the IPO in November 2019Canaan shares fell 50% in the year. Analyst at The Block Matthew Yamamoto believes that when the IPO entered the IPO, the shares of the Chinese company were significantly overestimated and now their value is still “looking” for an equilibrium value.
In addition, Canaan recently announced the upcomingincreased price growth for mining equipment in February-March due to coronavirus — quarantine in China disrupted the work of manufacturers for an indefinite period.
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