Ebang International Holdings Inc. (EBON) stock went down by 1.34% in the after-hours on December 14. The sock seems to have fallen under corrections, as it gained 20.16% in the regular trading session.
Intraday trading, the stock was up by $0.25 at the closing price of $1.49 with 8.1 million shares exchanging. Following the gain, EBON fell down to $1.47 at an after-hours’ volume of 2.15 million shares.
Currently, EBON’s 92.41 million outstanding shares trade at a market capitalization of $230.44 million. Further, the stock has gained 4.93% in the past five days while losing 23.20% last month.
Here’s what is happening?
On Tuesday, EBON stock soared high with no recent news or developments from the company other than its upcoming Annual General Meeting. As the stock gained big during the regular session, it fell under corrections in the after hours.
While the EBON stock was bound to fall under corrections, the macroeconomic uncertainties might also have a role in its downtrend. The cryptocurrency market has been suffering due to inflation and the omicron variant. Moreover, the upcoming Federal Reserve meeting over increasing inflation also has the market in a downtrend. Both Bitcoin and Ethereum are trading very low than their respective and recent all-time-highs.
While EBON is a blockchain tech and bitcoin mines manufacturer, the Crypto market does have an indirect effect on all with ties to it.
EBON’s Annual General Meeting
As per November 15’s announcement, EBON will hold its Annual General Meeting of Shareholders on December 15. Further, only EBON’s Class A and Class B ordinary shares’ record or beneficial owners can vote at the AGS.
In addition, the AGS will be held at the offices of Sullivan & Worcester LLP, New York, NY 10019, at 9:00 a.m. Eastern Time.
EBON’s Financial Analysis
On October 01, the company announced its unaudited financial results for the first half of the fiscal year 2021. In the first half of 2021, EBON’s total net revenues increased 65.69% period-over-period, to $18.30 million. Comparatively, the same was $11.04 million in the first half of 2020.
Moreover, the reported net loss was $4.26 million for the first half of 2021, against $6.96 million in the first half of 2020.
In addition, the gross profit of the first half of 2021, was $5.64 million. This compares to a gross profit of $0.97 million in the first half of 2020.
