In the last trading session, 1.16 million Canaan Inc. (NASDAQ:CAN) shares changed hands as the company’s beta touched 3.30. With the company’s per share price at $1.86 changed hands at -$0.02 or -1.06% during last session, the market valuation stood at $353.01M. CAN’s last price was a discount, traded about -113.98% off its 52-week high of $3.98. The share price had its 52-week low at $1.79, which suggests the last value was 3.76% up since then. When we look at Canaan Inc.’s average trading volume, we note the 10-day average is 1.86 million shares, with the 3-month average coming to 3.01 million.
Analysts gave the Canaan Inc. (CAN) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 2 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended CAN as a Hold, 2 felt it is a Buy and 0 rated the stock as Underweight. Canaan Inc.’s EPS for the current quarter is expected to be -$0.26.
Canaan Inc. (NASDAQ:CAN) trade information
Instantly CAN was in red as seen at the end of in last trading. With action -1.06%, the performance over the past five days has been red. The drop to weekly highs of 1.9700 on Monday, 09/18/23 subtracted -1.06% to the stock’s daily price. The company’s shares are showing year-to-date downside of -9.71%, with the 5-day performance at -1.06% in the red. However, in the 30-day time frame, Canaan Inc. (NASDAQ:CAN) is -20.85% down. Looking at the short shares, we see there were 10.51 million shares sold at short interest cover period of 3.76 days.
The consensus price target for the stock as assigned by Wall Street analysts is $34.64, meaning bulls need an upside of 94.63% from its current market value. According to analyst projections, CAN’s forecast low is $29.17 with $40.10 as the target high. To hit the forecast high, the stock’s price needs a -2055.91% plunge from its current level, while the stock would need to soar -1468.28% for it to hit the projected low.
Canaan Inc. (CAN) estimates and forecasts
Data shows that the Canaan Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -39.61% over the past 6 months, a -304.55% in annual growth rate that is considerably lower than the industry average of 11.80%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Canaan Inc. will fall -285.70%, while the growth in revenue is estimated to hit 26.90% for the next quarter. Year-over-year growth is forecast to reach -66.70% down from the last financial year.
Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $28.38 million. 2 analysts are of the opinion that Canaan Inc.’s revenue for the quarter ending Dec 2023 will be $42.54 million. The company’s revenue for the corresponding quarters a year ago was $151.64 million and $51.57 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -81.30%. The estimates for the next quarter sales put growth at -17.50%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 3.60%. The 2023 estimates are for Canaan Inc. earnings to decrease by -75.70%.
Canaan Inc. is expected to release its next quarterly earnings report between November 13 and November 17.
Canaan Inc. (NASDAQ:CAN)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.00% of Canaan Inc. shares while 17.32% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 17.32%. There are 17.32% institutions holding the Canaan Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 3.27% of the shares, roughly 6.17 million CAN shares worth $11.47 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 1.84% or 3.46 million shares worth $6.44 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jul 30, 2023 were SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and Vanguard International Stock Index-Emerging Markets Stk. With 2.23 million shares estimated at $4.14 million under it, the former controlled 1.18% of total outstanding shares. On the other hand, Vanguard International Stock Index-Emerging Markets Stk held about 1.17% of the shares, roughly 2.2 million shares worth around $4.1 million.