The stock of Canaan Inc. (NASDAQ:CAN) decreased by -$0.1 on Tuesday to finish at $2.52, down -3.82 percent. The last five days have seen an average of 2,467,900 shares of common stock traded. 10 times new highs were reached in the current year, with a gain of $0.46. The average number of shares traded over the last 20 days was 2,659,045, while the average volume over the last 50 days totaled 3,120,378.
CAN stock dropped -13.55% since last month. On 08/15/23, the company’s shares reached a one-month low of $2.51. The stock touched a high of $4.38 on 02/02/23, after rallying from a low of $1.83 in 52 weeks. The price of CAN stock has risen by 22.33% or $0.46 this year, reaching a new high 10 times. Still, the stock price is down -42.47% from the 52-week high.
Valuation Metrics
Beta for the stock is 3.26. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 0.97, the price-to-book (PB) ratio of 0.77.
Financial Health
For the three months ended March 30, Canaan Inc.’s quick ratio was 2.50, while its current ratio was 6.30, indicating its ability to pay off its debt. As far as profitability goes, gross margin for the trailing twelve months is 12.80% percent. Based on annual data, it had gross profit of $224.41 million and revenue of $634.88 million.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. There was a 29.70% return on investment (ROI) in the past year.
Earnings Surprise
According to Canaan Inc.’s quarterly financial report for the quarter that ended March 30. A higher net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at $634.88 million, while revenues fell by -23.25% to $0.0. It was predicted that Canaan Inc.’s quarterly earnings would be -$0.39, but it ended up being -$0.2, beating the consensus by -95.00%. EBITDA was -$85.67 million for the quarter. At the end of Canaan Inc.’s most recent quarter ended March 30, its liabilities totaled 85.58 million, while its total debt was $3.05 million.
Technical Picture
Here’s a quick look at Canaan Inc.’s (CAN) price momentum from a technical perspective. As of 15 August, the RSI 9-day stood at 35.03%, suggesting the stock is Neutral, with a 44.30% historical volatility rate.
The stochastic %K and %D were 9.62% and 17.36% respectively, while the average true range (ATR) was 0.18. Based on the 14-day stochastic reading of 1.49%, the RSI (14) reading is 41.93%. On the 9-day MACD Oscillator, the stock is at -0.09, and the 14-day reading is at -0.21.
Analyst Ratings
In its analyst report released on July 06, 2022, H.C. Wainwright began covering Canaan Inc. (NASDAQ: CAN). The stock was rated as a Buy by the brokerage firm. Analysts have assigned Canaan Inc. (CAN) an Buy rating. CAN is a stock that is recommended for selling by 0 brokerage firms, while 0 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 3 others recommend it as a buy.
What is CAN’s price target for the next 12 months?
The current consensus forecast for the stock is between $28.22 and $45.86, with a median target price of $39.42. In analyzing these forecasts, the average price target given by analysts for Canaan Inc. (CAN) is $37.83.
