Canaan Inc. [CAN] moved up 10.47: Why It’s Important

Canaan Inc. [NASDAQ: CAN] gained 10.47% on the last trading session, reaching $2.85 price per share at the time. The company report on March 7, 2023 that Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 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 and twelve months ended December 31, 2022.

Canaan Inc. represents 167.69 million in outstanding shares, while the company has a total market value of $452.69 million with the latest information. CAN stock price has been found in the range of $2.70 to $2.94.

If compared to the average trading volume of 2.26M shares, CAN reached a trading volume of 4645962 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 $5.33 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 0.23, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 0.51. The Price to Book ratio for the last quarter was 0.75.

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 9.20. With this latest performance, CAN shares gained by 2.89% in over the last four-week period, additionally sinking by -17.63% over the last 6 months – not to mention a drop of -32.62% 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 52.74, with the RSI for the last a single of trading hit 57.20, and the three-weeks RSI is set at 51.34 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 2.86, while it was recorded at 2.52 for the last single week of trading, and 3.16 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 +12.74 and a Gross Margin at +39.92. Canaan Inc.’s Net Margin is presently recorded at +15.03.

Return on Equity for this stock inclined to 16.61, with Return on Assets sitting at 12.34.

Canaan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.50 and a Current Ratio set at 8.90.

An analysis of insider ownership at Canaan Inc. [CAN]

Positions in Canaan Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 32 institutional holders increased their position in Canaan Inc. [NASDAQ:CAN] by around 2,633,106 shares. Additionally, 45 investors decreased positions by around 5,512,178 shares, while 16 investors held positions by with 15,426,319 shares. The mentioned changes placed institutional holdings at 23,571,603 shares, according to the latest SEC report filing. CAN stock had 15 new institutional investments in for a total of 603,007 shares, while 13 institutional investors sold positions of 1,169,467 shares during the same period.


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