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Why Canaan Stock Crashed Today

TheMotleyFool

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Shares of Canaan (NASDAQ: CAN) crashed on Monday after the company reported final financial results for 2020. As of 1 p.m. EDT, the stock was down a painful 28%.

Canaan had almost nothing to show for its fourth-quarter efforts. The company sells equipment used for mining cryptocurrencies, which investors might assume would be in high demand. And in a way that's true -- the company currently has $174 million in contracts, causing it to run at capacity for the remainder of 2021. However, there isn't much demand for old inventory, which is what Canaan's been working through.

Image source: Getty Images.

Source Fool.com

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