Home  »  Business   »  Canaan Inc. (NASDAQ: CAN) Has Dropped -13.42% So F...

Canaan Inc. (NASDAQ: CAN) Has Dropped -13.42% So Far This Year. Does That Mean Trouble Ahead?

During the last session, Canaan Inc. (NASDAQ:CAN)’s traded shares were 1.4 million, with the beta value of the company hitting 3.25. At the end of the trading day, the stock’s price was $2.58, reflecting an intraday gain of 0.39% or $0.01. The 52-week high for the CAN share is $4.54, that puts it down -75.97 from that peak though still a striking 27.52% gain since the share price plummeted to a 52-week low of $1.87. The company’s market capitalization is $484.27M, and the average intraday trading volume over the past 10 days was 1.51 million shares, and the average trade volume was 1.82 million shares over the past three months.

Canaan Inc. (CAN) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 2.00. CAN has a Sell rating from 0 analyst(s) out of 4 analysts who have looked at this stock. 0 analyst(s) recommend to Hold the stock while 1 suggest Overweight, and 3 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.21.

Top 5 EV Tech Stocks to Buy for 2023

According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.

Click Here to Download the FREE Report.


Canaan Inc. (NASDAQ:CAN) trade information

Canaan Inc. (CAN) registered a 0.39% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 0.39% in intraday trading to $2.58 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is 3.61%, and it has moved by 3.20% in 30 days. Based on these gigs, the overall price performance for the year is -13.42%. The short interest in Canaan Inc. (NASDAQ:CAN) is 7.96 million shares and it means that shorts have 4.54 day(s) to cover.

The consensus price target of analysts on Wall Street is $36.94, which implies an increase of 93.02% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $27.88 and $44.85 respectively. As a result, CAN is trading at a discount of -1638.37% off the target high and -980.62% off the low.

Canaan Inc. (CAN) estimates and forecasts

Statistics show that Canaan Inc. has underperformed its competitors in share price, compared to the industry in which it operates. Canaan Inc. (CAN) shares have gone down -3.73% during the last six months, with a year-to-date growth rate less than the industry average at -151.14% against 12.60. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -152.50% this quarter and then drop -122.60% in the quarter after that. In the rating firms’ projections, revenue will decrease -31.30% compared to the previous financial year.

Revenue for the current quarter is expected to be $62.43 million as predicted by 3 analyst(s). Meanwhile, a consensus of 3 analyst(s) estimates revenue growth to $77.37 million by the end of Jun 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $213.92 million and $246.74 million respectively. In this case, analysts expect current quarter sales to shrink by -70.80% and then drop by -68.60% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 3.60%. While earnings are projected to return -75.70% in 2023.

CAN Dividends

Canaan Inc. is due to release its next quarterly earnings between May 17 and May 22. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Canaan Inc. (NASDAQ:CAN)’s Major holders

On Key

Related Posts