Canaan Inc. [NASDAQ: CAN] jumped around 0.35 points on Wednesday, while shares priced at $5.34 at the close of the session, up 7.01%. The company report on January 4, 2022 that Canaan Expands its Mining Operations with Deployment of Over 10,000 Mining Machines.
Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business in Kazakhstan.
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On December 22, 2021, the Company successfully launched the last batch of mining machines online under its first phase of deployment in Kazakhstan. As of December 31, 2021, the Company had an aggregate of 10,300 AvalonMiner units in mining operations in the country. The Company continues to deploy additional computing power according to its mining business expansion plan.
Canaan Inc. stock is now 3.69% up from its year-to-date (YTD) trading value. CAN Stock saw the intraday high of $5.42 and lowest of $5.19 per share. The company’s 52-week high price is 39.10, which means current price is +19.73% above from all time high which was touched on 01/12/22.
Compared to the average trading volume of 5.06M shares, CAN reached a trading volume of 4040900 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 0.47, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 2.05. The Price to Book ratio for the last quarter was 2.42, with the Price to Cash per share for the same quarter was set at 1.56.
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 12.66. With this latest performance, CAN shares dropped by -5.32% in over the last four-week period, additionally sinking by -15.24% over the last 6 months – not to mention a rise of 1.91% 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 45.20, with the RSI for the last a single of trading hit 54.06, and the three-weeks RSI is set at 42.63 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 7.15, while it was recorded at 4.87 for the last single week of trading, and 8.77 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 2.10 and a Current Ratio set at 2.70.
Insider trade positions for Canaan Inc. [CAN]
Positions in Canaan Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 41 institutional holders increased their position in Canaan Inc. [NASDAQ:CAN] by around 10,599,911 shares. Additionally, 48 investors decreased positions by around 8,959,140 shares, while 13 investors held positions by with 2,492,061 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 24 institutional investors sold positions of 6,533,301 shares during the same period.