Canaan Inc. (NASDAQ:CAN) finished Friday with an addition of $0.08 to close at $2.04, an upside of 4.08 percent. An average of 2,106,460 shares of common stock have been traded in the last five days. There was a fall of -$0.0200 in the past week, and it reached a new high 2 times over the past 12 months. The last 20 days have seen an average of 2,639,680 shares traded, while the 50-day average volume stands at 3,114,884.
CAN stock has decreased by -28.92% in the last month. The company shares reached their 1-month lowest point of $1.9200 on 08/25/23. With the stock rallying to its 52-week high on 02/02/23, shares of the company touched a low of $1.83 and a high of $3.98 in 52 weeks. It has reached a new high 10 times so far this year and lost -0.97% or -$0.0200 in price. In spite of this, the price is down -48.74% from the 52-week high.
Valuation Metrics
Canaan Inc. (CAN) stock’s beta is 3.33. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 0.87, the price-to-book (PB) ratio at 0.62.
Financial Health
The quick ratio of Canaan Inc. for the three months ended March 30 was 2.50, and the current ratio was 6.30, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.00 for the quarter ending March 30. Canaan Inc.’s EBITDA margin for the year ending March 30 is 14.10%. Its gross profit as reported stood at $224.41 million compared to revenue of $634.88 million.
Earnings Surprise
In the quarter under review, the net income was up than the previous quarter. The company posted a net income of $70.51 million in the quarter, while revenues were shrunk -345.17%. The analyst consensus anticipated Canaan Inc.’s latest quarter earnings to come in at -$0.2 per share, but it turned out to be -$0.39, a -95.00% surprise. For the quarter, EBITDA amounted to -$85.67 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Canaan Inc. (CAN) price momentum. RSI 9-day as of the close on 25 August was 31.57%, suggesting the stock is Neutral, with historical volatility in this time frame at 85.51%.
As of today, CAN’s price is $2.0500 -0.97% or -$0.0200 from its 5-day moving average. CAN is currently trading -32.89% lower than its 20-day SMA and -23.02% lower than its 100-day SMA. However, the stock’s current price level is -9.73% below the SMA50 and -36.05% below the SMA200.
The stochastic %K and %D were 10.17% and 9.28%, respectively, and the average true range (ATR) was 0.1700. With the 14-day stochastic at 12.37% and the average true range at 0.1800, the RSI (14) stands at 35.07%. The stock has reached -0.1400 on the 9-day MACD Oscillator while the 14-day reading was at -0.3400.
Analyst Ratings
H.C. Wainwright launched coverage on Canaan Inc. (NASDAQ: CAN) in its analyst report released on July 06, 2022. The firm assigned the stock a Buy rating. The consensus rating for Canaan Inc. (CAN) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell CAN, while 0 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 3 others rate it as a “buy”.
What is CAN’s price target for the next 12 months?
Analysts predict a range of price targets between $28.22 and $45.86, with a median target of $39.42. Taking a look at these predictions, the average price target given by analysts for Canaan Inc. (CAN) stock is $37.83.
