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Applied Blockchain (NASDAQ:APLD) shares jumped 16% on Tuesday after hitting a 52-week low last week.
Shares of the blockchain technology company opened at $1.14, recently changing hands at $1.26, up 16% at approximately 01.35 p.m.
The stock had been trending downward since the beginning of the month amid the expiration of its initial public offering stock lock-up and a general weakening of the crypto sector.
Applied Blockchain (APLD) stock 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.
Last week, crypto exchange platform Coinbase (COIN) stoked fears about the state of the cryptocurrency markets by announcing it was slashing its staff by 18%.
Based in Texas, Applied Blockchain (APLD) uplisted its shares to Nasdaq and held a $40M initial public offering on April 13.
