Ebang International Holdings Inc (NASDAQ:EBON) is primarily involved in designing integrated circuit chips for specific applications has been on the radars of many investors this week. The stock has managed to make a strong move in recent and on Wednesday, it went up by as much as 11% as investors piled on to it once again.
Financial Updates
In this regard, it should be noted that after the rally in the Ebang stock on Wednesday, the stock is now up by as much as 22% in the past week. There has been no news about the company in the past week but earlier on in the month on October 1, Ebang announced its unaudited financial results for first six months of the 2021 fiscal year.
The company, which also makes high performance Bitcoin miners, noted that it sold as much as 0.80 million That is worth of computing power in the first six months of the year.
That reflected a year on year rise of as much as 220%. On the other hand, the net revenues in the period came in at $18.30 million and that reflected a year on year rise of as much as 65.69%. It remains to be seen if the Ebang stock can maintain its momentum in the coming days.
Traders Note:
EBON stock is trading above the 20-Day Moving average of $2. However, the stock is trading below 50-Day and 200-Day moving average of $2.23 and $4.19 respectively. The stock is down 64% so far this year.
Market Reaction:
On Wednesday, EBON stock surged 11.11% at $2.2000 with more than 7.93 million shares, compared to its average volume of 3.54 million shares. The stock has moved within a range of $1.9600 – 2.2400 after opening the trade at $1.9900.
