SOS Limited (NYSE:SOS) Stock Sees Selling Pressure After The News
If you look into the premarket action this morning then you might notice that the SOS Limited (NYSE:SOS) stock has been one of the notable losers so far. The SOS stock has declined by as much as 8% this morning so far and the selloff might be related to an announcement made by the company yesterday.
Market Stats
On Tuesday, SOS stock fell 5.40% at $2.11 with more than 24.61 million shares, compared to its average volume of 10.73 million shares. The stock has moved within a range of $2.0400 – 2.3599 after opening the trade at $2.27.
Progress on the Construction of Its North American Super-Computing and Hosting Center
On Tuesday the company provided a status update with regards to the Phase 1 construction of the supercomputer as well as the hosting centre. The hosting centre is going to be located in Marinette county in the state of Wisconsin in the United States.
The fact that the centre is going to be located in Wisconsin is an important detail since the state is not only rich in natural resources but also in renewable energy.
The Chinese company has been working on expanding its presence across the world at a remarkable rate over the past year or so and the centre at Wisconsin is a part of that initiative. The company announced yesterday that the centre is going to have capacity of 50 MW and it will be powered by both grid power as well as renewable power.
Key Quote
Mr. Yandai Wang, CEO and Chairman of SOS, commented, “the supercomputing and hosting center in Wisconsin is an important part of SOS’s efforts to create its own blockchain technology based ecosystem. We look forward to launching our Super-Computing and Hosting service business in Wisconsin in the first quarter of 2022.
Traders Corner
SOS stock is trading below the 20-Day and 50-Day Moving averages of $2.25 and $2.37 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.83. The stock is down 46% in the past 6-month.
