Code Chain New Continent Limited (CCNC), a leading eco-tech company operating through its subsidiaries, saw a plunge in its share price on Tuesday, as its share price fell to $1.73, a decrease of about $0.42. Currently, in the premarket, the company is gaining back some of its lost momentum, with the share price increasing to about 5.78%, and hence, is being traded at $1.83.
CCNC during last 12 months
Last 12 months have seen the fluctuation within CCNC stock. From July 2020 till February 2021, the average share price of its stock was about $1.5. In early February, the company announced its plan of purchasing 10,000-bit coin mining machines. That improved the investors’ interest in the company, as depicted by the data. From early February until mid of March, investor interest went nowhere, as the share price generally maintained a positive trend, and the company’s share achieved an all-time high price of $11.62. But gradually afterwards, the investor interest started to evaporate, and currently, the share price is in decline, which could be due to constant debt issues faced by the company.
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Insider buying, impact or not?
An insider owning of the company’s shares is often perceived to be a recipe to build up the trust of potential investors. In the case of Code Chain, the company’s President is the biggest shareholder, holding some $0.27 million worth of shares. Apart from that, about 28% of the Code Chain’s share, some $31 million are held by insiders. As a result, the potential investors have shown their trust over the company, which is shown in the fact that over the last year, the company had healthy transactions.
Impact of COVID upon stock
COVID-19 pandemic has had an impact upon the company, just like it had over other companies. Due to lockdown and government’s restrictions imposed, the company was unable to meet the deadlines, hence, directly having an impact upon the earnings and revenue of the company. In April 2020, the company resumed its operations, and the effects were evident on the share price, as the share price increased from $0.86 to $2.42.
Future outlook of CCNC
Optimistically looking, the future holds something great in store for the Code chain. A progressive and forward-looking company is what investors tend to buy shares in, which could pay them dividends in the future. A careful analysis reveals that within the next year, the expected growth in earnings could be 18.2%. So, based upon these and another similar sort of analyses, investors should keep a close watch upon Code Chain’s stock.