Investors are probably going to be focussing on the Code Chain New Continent Limited (NASDAQ:CCNC) today owing to the sort of gains the stock generated in recent days.
Market Action:
On Friday, CCNC stock increased 15.17% at $1.6700 with more than 1.73 million shares, compared to its average volume of 777.67K shares. The stock has moved within a range of $1.4300 – 1.6900 after opening the trade at $1.5000.
Recent News
This past Friday the stock soared by as much as 15% and that took its gains for the past week to as much as 23%. However, in this regard, investors need to note that there was no news about the company in the past week and the rally might even appear a bit random to many investors. However, earlier on this month on October 4 the eco-technology company had announced that it signed an asset purchase agreement with the company Shenzhen Jindeniu Electronics Limited.
The actual agreement had actually been signed by the company back on September 27 this year. It was a significant development for the company and the assets that had been purchased had been valued at as much as $15.9 million.
The Co-Chief Executive Officer of the company David Feng noted at the time that after the completition opf the asset purchase Code Chain is going to make plans for looking into mining opportunities. At this point, it remains to be seen if the stock can continue to add to its gains today.
Key Quote
David (Weidong) Feng, Co-CEO of the Company, stated, “With the successful completion of the asset purchase, Code Chain plans to continue searching the mining opportunities to expand our presence and enriching our cryptocurrency portfolio.”
Technical Data
CCNC stock is trading above the 20-Day and 50-Day Moving averages of $1.41 and $1.48 respectively. However, the stock is trading below the 200-Day moving average of $2.76. The stock is up 35% in the past 3-month.
