EBON - Why Did Ebang Stock Shoot Higher Today?
Since going public in June 2020 at $5.23 per share, Ebang International Holdings (NASDAQ: EBON) stock has been a dud, down over 90% from its all-time high. However, the stock surprisingly caught a bid today with extreme trading volume. This caused Ebang stock to be up a whopping 24%, as of 3:15 p.m. ET.
Ebang International manufactures machines for mining cryptocurrencies and came public with big aspirations to expand into ancillary cryptocurrency businesses. The company rarely issues press releases, and there weren't any today. But according to Yahoo! Finance, trading volume today for Ebang stock was more than four times what it normally is -- nearly 12 million shares had traded hands as of this writing.
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Why Did Ebang Stock Shoot Higher Today?