Canaan Inc. [NASDAQ: CAN] gained 7.04% on the last trading session, reaching $2.13 price per share at the time. The company report on August 29, 2023 at 6:00 AM that Canaan Inc. Reports Unaudited Second Quarter 2023 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 June 30, 2023.
Canaan Inc. represents 189.19 million in outstanding shares, while the company has a total market value of $387.15 million with the latest information. CAN stock price has been found in the range of $1.85 to $2.19.
If compared to the average trading volume of 3.00M shares, CAN reached a trading volume of 6179212 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.
The Average True Range (ATR) for Canaan Inc. is set at 0.19, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 0.77. The Price to Book ratio for the last quarter was 0.65, with the Price to Cash per share for the same quarter was set at 0.40.
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 4.93. With this latest performance, CAN shares dropped by -33.02% in over the last four-week period, additionally sinking by -23.93% over the last 6 months – not to mention a drop of -40.17% 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 40.07, with the RSI for the last a single of trading hit 40.07, and the three-weeks RSI is set at 41.90 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 2.5300, while it was recorded at 2.0500 for the last single week of trading, and 2.6000 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 +8.57 and a Gross Margin at +34.93. Canaan Inc.’s Net Margin is presently recorded at +11.11.
Return on Total Capital for CAN is now 9.61, given the latest momentum, and Return on Invested Capital for the company is 12.50. Return on Equity for this stock inclined to 12.54, with Return on Assets sitting at 9.20. When it comes to the capital structure of this company, Canaan Inc. [CAN] has a Total Debt to Total Equity ratio set at 0.62. Additionally, CAN Total Debt to Total Capital is recorded at 0.61, with Total Debt to Total Assets ending up at 0.55. Long-Term Debt to Equity for the company is recorded at 0.24, with the Long-Term Debt to Total Capital now at 0.24.
Reflecting on the efficiency of the workforce at the company, Canaan Inc. [CAN] managed to generate an average of $133,507 per employee. Receivables Turnover for the company is 11.24 with a Total Asset Turnover recorded at a value of 0.83.Canaan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.50 and a Current Ratio set at 6.30.
An analysis of Institutional ownership at Canaan Inc. [CAN]
The top three institutional holders of CAN stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in CAN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in CAN stock with ownership which is approximately 5.7381%.
