Canaan Inc. (NASDAQ:CAN) saw an upside of 4.46% to close Tuesday at $2.81 after adding $0.12 on the day. The 5-day average trading volume is 2,327,180 shares of the company’s common stock. It has gained $3.16 in the past week and touched a new high 1 time within the past 5 days. An average of 3,199,040 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 3,335,560.
CAN’s 1-month performance is 4.07% or $0.33 on its low of $2.40 reached on 07/10/23. The company’s shares have touched a 52-week low of $1.83 and high of $4.38, with the stock’s rally to the 52-week high happening on 02/02/23. YTD, CAN has achieved 36.41% or $0.75 and has reached a new high 10 times. However, the current price is down -35.84% from the 52-week high price.
Valuation Metrics
CAN stock has a beta of 3.25. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.08 while the price-to-book (PB) in the most recent quarter is 0.85.
Canaan Inc.’s quick ratio for the period ended March 30 was 2.50, with the current ratio over the same period at 6.30.. In terms of profitability, the gross margin trailing 12 months is 12.80%. The trailing 12-month EBITDA margin is 14.10%. The firm’s gross profit as reported stood at $224.41 million against revenue of $634.88 million.
Earnings Surprise
For the quarterly period ending March 30 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income shrunk -345.17% to $70.51 million, while revenue of $0.0 was 100.0% off the previous quarter. Analysts expected CAN to announce -$0.2 per share in earnings in its latest quarter, but it posted -$0.39, representing a -95.00% surprise. EBITDA for the quarter stood at more than -$85.67 million. CAN stock balance sheet for the quarter ending March 30 shows that total liabilities totaled 85.58 million, with total debt at $3.05 million.
Let’s look briefly at Canaan Inc. (CAN) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 08 August was 48.51% to suggest the stock is trending Neutral, with historical volatility in this time period at 67.38%.
The stock’s 5-day moving average is $2.79, reflecting a -10.79% or -$0.34 change from its current price. CAN is currently trading -3.77% above its 20-day SMA, -4.10% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +8.91% and SMA200 by-14.59%.
Stochastic %K and %D was 21.91% and 22.66% and the average true range (ATR) pointed at 0.20. The RSI (14) points at 51.71%, while the 14-day stochastic is at 36.21% with the period’s ATR at 0.20. The stock’s 9-day MACD Oscillator is pointing at -0.16 and -0.16 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Canaan Inc. (NASDAQ: CAN), H.C. Wainwright launched coverage with a Buy rating. Analysts offering their rating for CAN stock have a consensus rating for the stock as Buy. Currently, 0 brokerage advisors rate CAN as a “sell,”, while 0 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 3 have offered a “buy” rating.
What is CAN’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $28.22 and a high of $45.86, with their median price target at $39.42. Looking at these predictions, the average price target given by analysts is for Canaan Inc. (CAN) stock is $37.83.
