In the latest trading session, 1.01 million Canaan Inc ADR (NASDAQ:CAN) shares changed hands as the company’s beta touched 3.08. With the company’s most recent per share price at $1.70 changed hands at -$0.01 or -0.58% at last look, the market valuation stands at $253.74M. CAN’s current price is a discount, trading about -134.12% off its 52-week high of $3.98. The share price had its 52-week low at $1.52, which suggests the last value was 10.59% up since then. When we look at Canaan Inc ADR’s average trading volume, we note the 10-day average is 2.72 million shares, with the 3-month average coming to 2.22 million.
Analysts gave the Canaan Inc ADR (CAN) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.00. 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 ADR’s EPS for the current quarter is expected to be -$0.26.
Canaan Inc ADR (NASDAQ:CAN) trade information
Instantly CAN was in red as seen in intraday trades today. With action 5.59%, the performance over the past five days has been green. The drop to weekly highs of 1.7800 on Friday, 11/17/23 subtracted -0.58% to the stock’s daily price. The company’s shares are showing year-to-date downside of -17.48%, with the 5-day performance at 5.59% in the green. However, in the 30-day time frame, Canaan Inc ADR (NASDAQ:CAN) is 0.59% up. Looking at the short shares, we see there were 12.1 million shares sold at short interest cover period of 8.34 days.
The consensus price target for the stock as assigned by Wall Street analysts is $34.64, meaning bulls need an upside of 95.09% from its recent 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 -2258.82% plunge from its current level, while the stock would need to soar -1615.88% for it to hit the projected low.
Canaan Inc ADR (CAN) estimates and forecasts
Data shows that the Canaan Inc ADR 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 -37.27% over the past 6 months, a -304.55% in annual growth rate that is considerably lower than the industry average of 15.30%. 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 ADR will fall -285.70%, while the growth in revenue is estimated to hit 30.80% for the next quarter. Year-over-year growth is forecast to reach -67.40% 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 $27.75 million. 2 analysts are of the opinion that Canaan Inc ADR’s revenue for the quarter ending Dec 2023 will be $41.59 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 -81.70%. The estimates for the next quarter sales put growth at -19.40%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 3.42%. The 2023 estimates are for Canaan Inc ADR earnings to decrease by -122.66%.
Canaan Inc ADR is expected to release its next quarterly earnings report on November 28.
Canaan Inc ADR (NASDAQ:CAN)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.00% of Canaan Inc ADR 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 ADR stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 3.63% of the shares, roughly 6.17 million CAN shares worth $13.14 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 2.04% or 3.46 million shares worth $7.38 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jul 30, 2023 were Amplify Transformational Data Sharing ETF and SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF. With 2.92 million shares estimated at $9.29 million under it, the former controlled 1.72% of total outstanding shares. On the other hand, SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF held about 1.32% of the shares, roughly 2.24 million shares worth around $4.5 million.