For Canaan Inc ADR [CAN], Analyst sees a rise to $5. What next?

Canaan Inc ADR [NASDAQ: CAN] gained 7.04% or 0.1 points to close at $1.52 with a heavy trading volume of 19254306 shares. The company report on March 13, 2024 at 8:00 PM that Canaan’s RISC-V based edge AIoT SoC adopted VeriSilicon’s ISP and GPU IPs.

Integrating VeriSilicon’s pixel processing IP portfolio into the high-precision, low-latency K230 chip.

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VeriSilicon (688521.SH) today announced the integration of its Image Signal Processor (ISP) IP ISP8000, DeWarp Processor IP DW200, and 2.5D Graphics Processor Unit (GPU) IP GCNanoV into Canaan’s K230 chip, the world’s first commercial mass production edge AIoT chip supporting the RISC-V Vector 1.0 standard. This collaboration marks a significant advancement in the high-precision, low-latency edge AIoT solutions for a wide range of intelligent products, such as large-model and multimodal input edge terminals, 3D-structured light perception modules, interactive robots, open-source hardwares, as well as hardwares for smart manufacturing, smart home solutions and AI education.

The daily chart for CAN points out that the company has recorded -9.52% loss over the past six months.

If we look at the average trading volume of 20.46M shares, CAN reached to a volume of 19254306 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 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 0.18, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 1.08. The Price to Book ratio for the last quarter was 0.72, with the Price to Cash per share for the same quarter was set at 0.64.

Trading performance analysis for CAN stock

Canaan Inc ADR [CAN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.94. With this latest performance, CAN shares dropped by -17.84% in over the last four-week period, additionally sinking by -9.52% over the last 6 months – not to mention a drop of -40.86% 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 49.62, with the RSI for the last a single of trading hit 53.44, and the three-weeks RSI is set at 48.32 for Canaan Inc ADR [CAN]. The present Moving Average for the last 50 days of trading for this stock 1.6059, while it was recorded at 1.4380 for the last single week of trading, and 1.9864 for the last 200 days.

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

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.

Canaan Inc ADR [CAN]: An earnings per share (EPS) analysis

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.

An analysis of Institutional ownership at Canaan Inc ADR [CAN]

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%.