Canaan Inc. [CAN] Revenue clocked in at $445.90 million, down -17.03% YTD: What’s Next?



Canaan Inc. [NASDAQ: CAN] price plunged by -8.55 percent to reach at -$0.46. The company report on December 15, 2021 that Canaan Secures Follow-on Purchase Order of 30,000 Bitcoin Mining Machines as Genesis Digital Assets Exercised the First Phase of the Purchase Option.

Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has secured a purchase order (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 30,000 units of its Avalon Bitcoin mining machines.

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In August 2021, Canaan granted Genesis Digital Assets an option to purchase up to 180,000 additional Bitcoin mining machines along with its original sales contract of 20,000 machines. The Order represents the first phase of this option exercised by Genesis Digital Assets and is expected to be delivered in the first quarter of 2022.

A sum of 3517498 shares traded at recent session while its average daily volume was at 5.54M shares. Canaan Inc. shares reached a high of $5.2697 and dropped to a low of $4.88 until finishing in the latest session at $4.92.

Guru’s Opinion on Canaan Inc. [CAN]:

The Average True Range (ATR) for Canaan Inc. is set at 0.59, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 1.79. The Price to Book ratio for the last quarter was 2.22, with the Price to Cash per share for the same quarter was set at 1.64.

CAN Stock Performance Analysis:

Canaan Inc. [CAN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.41. With this latest performance, CAN shares dropped by -42.25% in over the last four-week period, additionally sinking by -39.63% over the last 6 months – not to mention a rise of 17.42% 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 30.19, with the RSI for the last a single of trading hit 27.06, and the three-weeks RSI is set at 34.14 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 7.91, while it was recorded at 5.22 for the last single week of trading, and 9.77 for the last 200 days.

Insight into Canaan Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Canaan Inc. [CAN] shares currently have an operating margin of -56.71 and a Gross Margin at +5.84. Canaan Inc.’s Net Margin is presently recorded at -48.05.

Return on Total Capital for CAN is now -37.32, given the latest momentum, and Return on Invested Capital for the company is -37.09. Return on Equity for this stock declined to -37.64, with Return on Assets sitting at -20.72. When it comes to the capital structure of this company, Canaan Inc. [CAN] has a Total Debt to Total Equity ratio set at 14.95. Additionally, CAN Total Debt to Total Capital is recorded at 13.00, with Total Debt to Total Assets ending up at 6.24. Long-Term Debt to Equity for the company is recorded at 0.77, with the Long-Term Debt to Total Capital now at 0.67.

Reflecting on the efficiency of the workforce at the company, Canaan Inc. [CAN] managed to generate an average of -$125,657 per employee. Receivables Turnover for the company is 3.36 with a Total Asset Turnover recorded at a value of 0.43.Canaan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.70.

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Canaan Inc. [CAN] Insider Position Details

Positions in Canaan Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 41 institutional holders increased their position in Canaan Inc. [NASDAQ:CAN] by around 10,599,911 shares. Additionally, 49 investors decreased positions by around 8,959,190 shares, while 13 investors held positions by with 2,492,011 shares. The mentioned changes placed institutional holdings at 22,051,112 shares, according to the latest SEC report filing. CAN stock had 20 new institutional investments in for a total of 7,375,915 shares, while 25 institutional investors sold positions of 6,533,351 shares during the same period.