Canaan Inc. [CAN] is 88.83% higher this YTD. Is it still time to buy?

Canaan Inc. [NASDAQ: CAN] gained 17.52% or 0.58 points to close at $3.89 with a heavy trading volume of 5641777 shares. The company report on November 14, 2022 that Canaan Inc. Reports Unaudited Third Quarter 2022 Financial Results.

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Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced its unaudited financial results for the three months ended September 30, 2022.

It opened the trading session at $3.50, the shares rose to $3.98 and dropped to $3.4799, the range by which the price of stock traded the whole day. The daily chart for CAN points out that the company has recorded -0.26% loss over the past six months. However, it is still -108.02% lower than its most recent low trading price.

If we look at the average trading volume of 2.02M shares, CAN reached to a volume of 5641777 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Canaan Inc. [CAN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CAN shares is $7.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CAN stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

H.C. Wainwright have made an estimate for Canaan Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 06, 2022. While these analysts kept the previous recommendation, The Benchmark Company raised their target price to Buy. The new note on the price target was released on June 08, 2022, representing the official price target for Canaan Inc. stock. Previously, the target price had yet another raise to $15, while DA Davidson analysts kept a Buy rating on CAN stock.

The Average True Range (ATR) for Canaan Inc. is set at 0.29, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 0.65. The Price to Book ratio for the last quarter was 0.92.

Trading performance analysis for CAN stock

Canaan Inc. [CAN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 17.88. With this latest performance, CAN shares gained by 100.52% in over the last four-week period, additionally sinking by -0.26% over the last 6 months – not to mention a drop of -13.75% 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 70.23, with the RSI for the last a single of trading hit 73.44, and the three-weeks RSI is set at 66.86 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 2.60, while it was recorded at 3.37 for the last single week of trading, and 3.25 for the last 200 days.

Canaan Inc. [CAN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Canaan Inc. [CAN] shares currently have an operating margin of +36.69 and a Gross Margin at +56.98. Canaan Inc.’s Net Margin is presently recorded at +40.11.

Return on Equity for this stock inclined to 101.89, with Return on Assets sitting at 59.52.

Canaan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.70 and a Current Ratio set at 7.80.

An analysis of insider ownership at 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 40 institutional holders increased their position in Canaan Inc. [NASDAQ:CAN] by around 2,767,608 shares. Additionally, 31 investors decreased positions by around 8,107,448 shares, while 18 investors held positions by with 14,986,601 shares. The mentioned changes placed institutional holdings at 25,861,657 shares, according to the latest SEC report filing. CAN stock had 10 new institutional investments in for a total of 366,076 shares, while 11 institutional investors sold positions of 2,751,305 shares during the same period.


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