Canaan Stock Drops After Q1 Loss Widens — Why CAN Is Under Pressure Now
Canaan Inc. shares fell in New York trading on Thursday as investors weighed a wider first-quarter loss, weaker second-quarter revenue guidance and pressure in the bitcoin-mining hardware market. The Nasdaq-listed stock was down about 5.3% at $0.4127 by late morning, after trading between $0.407 and $0.4451. Volume was about 3.8 million shares. Bitcoin was also lower, near $76,900.