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.
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Source Fool.com