Applied Blockchain stock jumps 16% after hitting 52-week low last week (NASDAQ:APLD)

Utilized Blockchain (NASDAQ:APLD) shares jumped 16% on Tuesday after hitting a 52-week low final week.

Shares of the blockchain know-how firm opened at $1.14, lately altering palms at $1.26, up 16% at roughly 01.35 p.m.

The inventory had been trending downward for the reason that starting of the month amid the expiration of its initial public offering stock lock-up and a common weakening of the crypto sector.

Utilized Blockchain (APLD) inventory hit a 52-week low of $0.95 per share on June 15 and has declined 74% since June 1, when it closed at $4.86.

Final week, crypto trade platform Coinbase (COIN) stoked fears in regards to the state of the cryptocurrency markets by saying it was slashing its staff by 18%.

Primarily based in Texas, Utilized Blockchain (APLD) uplisted its shares to Nasdaq and held a $40M initial public offering on April 13.