Stock Alert: Canaan Adds 39%

Shares of bitcoin mining hardware maker Canaan Inc. (CAN) are rising more than 39% Tuesday morning and touched a new high of $18.90.

The US stocks are up today morning on the prospects of more fiscal stimulus.

On February 10, Canaan had announced that its revenue visibility improved substantially in 2021 as it has orders for more than 100,000 units of bitcoin mining machines from customers in North America.

The stock, currently trading at $18.10, more than doubled from the closing price of $8.27 as on February 10.

“Our increased revenue visibility is not only enabling us to plan our production and logistics well in advance, but also helping us to optimize our cost structure and improve our customer satisfaction rate. Above all, it should help us achieve profitable growth for the long run,” Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan had commented.

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