Canaan Inc ADR [NASDAQ: CAN] stock went on an upward path that rose over 3.31% on Firday, amounting to a one-week price decrease of less than -4.29%. The company report on February 27, 2024 at 7:47 AM that Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results.
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, 2023.
Over the last 12 months, CAN stock dropped by -37.85%. The one-year Canaan Inc ADR stock forecast points to a potential upside of 43.27. The average equity rating for CAN stock is currently 1.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $234.42 million, with 150.27 million shares outstanding and 149.26 million shares in the current float. Compared to the average trading volume of 23.05M shares, CAN stock reached a trading volume of 15433691 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Canaan Inc ADR [CAN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CAN shares is $2.75 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 1.00. 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 ADR 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 ADR 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 ADR is set at 0.24, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 1.11. The Price to Book ratio for the last quarter was 0.73, with the Price to Cash per share for the same quarter was set at 0.64.
CAN Stock Performance Analysis:
Canaan Inc ADR [CAN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.29. With this latest performance, CAN shares gained by 21.88% in over the last four-week period, additionally sinking by -18.32% over the last 6 months – not to mention a drop of -37.85% 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 44.49, with the RSI for the last a single of trading hit 42.19, and the three-weeks RSI is set at 45.75 for Canaan Inc ADR [CAN]. The present Moving Average for the last 50 days of trading for this stock 1.8415, while it was recorded at 1.5580 for the last single week of trading, and 2.0372 for the last 200 days.
Insight into Canaan Inc ADR Fundamentals:
Canaan Inc ADR’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.64 and a Current Ratio set at 2.69.
CAN Stock EPS
With the latest financial reports released by the company, Canaan Inc ADR posted -0.48/share EPS, while the average EPS was predicted by analysts to be reported at -0.21/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -128.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CAN.
Canaan Inc ADR [CAN] Institutonal Ownership Details
The top three institutional holders of CAN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CAN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CAN stock with ownership which is approximately 5.8325%.
