Canaan Inc. [CAN] is 31.87% higher this YTD. Is it still time to buy?

Canaan Inc. [NASDAQ: CAN] jumped around 0.08 points on Tuesday, while shares priced at $7.82 at the close of the session, up 1.03%. The company report on August 3, 2021 that Canaan Announces Customer Order of 4,000 Bitcoin Mining Machines.

Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, announced that it has received from HIVE Blockchain Technologies Ltd. (“HIVE”) a purchase order (the “Order”) for 4,000 bitcoin mining machines with an aggregate operating hash power of 272 Petahash per second (“PH/s”). According to the terms of the Order, the Company will deliver the mining machines in two tranches over the next 60 days, including 2,000 machines in August 2021 and 2,000 machines in September 2021.

This order is an addition to HIVE’s previous order placed earlier this year for 6,400 Canaan AvalonMiner 1246 Miners with an aggregate operating hash power of 576 PH/s.

Canaan Inc. stock is now 31.87% up from its year-to-date (YTD) trading value. CAN Stock saw the intraday high of $7.86 and lowest of $7.24 per share. The company’s 52-week high price is 39.10, which means current price is +81.86% above from all time high which was touched on 03/12/21.

Compared to the average trading volume of 7.60M shares, CAN reached a trading volume of 4025973 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Canaan Inc. [CAN]?

The Average True Range (ATR) for Canaan Inc. is set at 0.70, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 10.99. The Price to Book ratio for the last quarter was 13.72, with the Price to Cash per share for the same quarter was set at 1.22.

How has CAN stock performed recently?

Canaan Inc. [CAN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 30.99. With this latest performance, CAN shares gained by 6.83% in over the last four-week period, additionally plugging by 51.84% over the last 6 months – not to mention a rise of 185.40% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CAN stock in for the last two-week period is set at 55.82, with the RSI for the last a single of trading hit 63.09, and the three-weeks RSI is set at 50.90 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 7.93, while it was recorded at 7.27 for the last single week of trading, and 9.78 for the last 200 days.

Canaan Inc. [CAN]: Deeper insight into the fundamentals

Canaan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.30.

Insider trade positions for Canaan Inc. [CAN]

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61 institutional holders increased their position in Canaan Inc. [NASDAQ:CAN] by around 15,469,217 shares. Additionally, 15 investors decreased positions by around 3,469,079 shares, while 6 investors held positions by with 4,745,829 shares. The mentioned changes placed institutional holdings at 23,684,125 shares, according to the latest SEC report filing. CAN stock had 47 new institutional investments in for a total of 11,856,547 shares, while 11 institutional investors sold positions of 2,634,944 shares during the same period.

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