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Canaan Inc ADR (NASDAQ: CAN) Defies Bearish Expectations and Displays Strong Future Potential

In the last trading session, 30.03 million Canaan Inc ADR (NASDAQ:CAN) shares changed hands as the company’s beta touched 3.05. With the company’s per share price at $1.60 changed hands at $0.06 or 3.90% during last session, the market valuation stood at $240.43M. CAN’s last price was a discount, traded about -118.75% off its 52-week high of $3.50. The share price had its 52-week low at $1.13, which suggests the last value was 29.38% up since then. When we look at Canaan Inc ADR’s average trading volume, we note the 10-day average is 16.06 million shares, with the 3-month average coming to 1.84.

Canaan Inc ADR (NASDAQ:CAN) trade information

Instantly CAN was in green as seen at the end of in last trading. With action 20.30%, the performance over the past five days has been green. The jump to weekly highs of 1.8000 added 3.90% to the stock’s daily price. The company’s shares are showing year-to-date downside of -30.74%, with the 5-day performance at 20.30% in the green. However, in the 30-day time frame, Canaan Inc ADR (NASDAQ:CAN) is -25.23% down. Looking at the short shares, we see there were 22.34 million shares sold at short interest cover period of 1.18 days.

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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 -42.45% over the past 6 months, a -321.59% in annual growth rate that is considerably lower than the industry average of 12.30%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Canaan Inc ADR will rise 30.80%, while the growth in revenue is estimated to hit 75.00% for the next quarter. Year-over-year growth is forecast to reach -68.40% 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 $31.73 million. 1 analysts are of the opinion that Canaan Inc ADR’s revenue for the quarter ending Mar 2024 will be $39.93 million. The company’s revenue for the corresponding quarters a year ago was $51.57 million and $50.1 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -38.50%. The estimates for the next quarter sales put growth at -20.30%.

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 2024 estimates are for Canaan Inc ADR earnings to decrease by -124.30%.

CAN Dividends

Canaan Inc ADR is expected to release its next quarterly earnings report between March 05 and March 11.

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 19.16% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 19.16%. There are 19.16% 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-SPDR� 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-SPDR� Kensho New Economies Composite ETF held about 1.32% of the shares, roughly 2.24 million shares worth around $4.5 million.

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