At the last check on Monday, Canaan Inc.’s (NASDAQ:CAN) stock was down -$0.06, moving down -2.14 percent to $2.75. The average number of shares traded per day over the past five days has been 2,985,960 shares. 1 time new highs have been achieved over the past 5 days, with a -$0.29 fall in that time frame. In the last twenty days, the average volume was 3,544,280, while in the previous 50 days, it was 3,280,910.
Since last month, CAN stock rose 22.77%. Shares of the company fell to $2.18 on 07/05/23, the lowest level in the past month. A 52-week high of $4.38 was reached on 02/02/23 after having rallying from a 52-week low of $1.83. Since the beginning of this year, CAN’s stock price has risen by 33.50% or $0.69, and marked a new high 10 times. However, the stock has declined by -37.21% since its 52-week high.
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Valuation Metrics
The stock’s beta is 3.25. Besides these, the trailing price-to-sales (P/S) ratio of 0.97, the price-to-book (PB) ratio of 0.84.
Financial Health
In the three months ended March 30, Canaan Inc.’s quick ratio stood at 2.50, while its current ratio was 6.30, showing that the company is able to pay off its debt. On the profitability front, the trailing twelve-month gross margin is 12.80% percent. Based on annual data, CAN earned $224.41 million in gross profit and brought in $634.88 million in revenue.
According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. CAN’s revenue fell -23.25% during the quarter, while net income inched up to $634.88 million. While analysts expected Canaan Inc. to report -$0.2 quarterly earnings, the actual figure was -$0.39 per share, beating the consensus estimate by -95.00%. During the quarter, the company generated -$85.67 million in EBITDA. The liabilities of Canaan Inc. were 85.58 million at the end of its most recent quarter ended March 30, and its total debt was $3.05 million.
Technical Picture
This quick technical analysis looks at Canaan Inc.’s (CAN) price momentum. With a historical volatility rate of 66.16%, the RSI 9-day stood at 43.83% on 04 August.
With respect to its five-day moving average, the current Canaan Inc. price is down by -9.54% percent or -$0.29. At present, CAN shares trade +10.89% above its 20-day simple moving average and +6.59% percent above its 100-day simple moving average. However, the stock is currently trading approximately +6.18% above its SMA50 and -17.17% below its SMA200.
Stochastic coefficient K was 27.56% and Stochastic coefficient D was 49.38%, while ATR was 0.20. Given the Stochastic reading of 14.00% for the 14-day period, the RSI (14) reading has been calculated as 49.47%. As of today, the MACD Oscillator reading stands at -0.13, while the 14-day reading stands at -0.10.
Analyst Ratings
H.C. Wainwright launched its rating on Canaan Inc. (NASDAQ: CAN) to a Buy in a note to investors on July 06, 2022. Canaan Inc. (CAN) has been rated Buy by analysts. According to 0 brokerage firms, CAN is a sell, and 0 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Canaan Inc. stock as buy, with 3 recommending it as overweight.
With a median target price of $39.42, the current consensus forecast for the stock is $28.22 – $45.86. Based on these forecasts, analysts predict Canaan Inc. (CAN) will achieve an average price target of $37.83.
