Canaan Inc ADR (NASDAQ: CAN) Surprises The Bears, Looks Good Going Forward

In today’s recent session, 3.25 million shares of the Canaan Inc ADR (NASDAQ:CAN) have been traded, and its beta is 3.02. Most recently the company’s share price was $1.30, and it changed around -$0.1 or -7.18% from the last close, which brings the market valuation of the company to $195.28M. CAN at last check was trading at a discount to its 52-week high of $3.50, offering almost -169.23% off that amount. The share price’s 52-week low was $1.13, which indicates that the recent value has risen by an impressive 13.08% since then. We note from Canaan Inc ADR’s average daily trading volume that its 10-day average is 13.95 million shares, with the 3-month average coming to 19.85 million.

Canaan Inc ADR (NASDAQ:CAN) trade information

Instantly CAN has been showing red trend so far today with a performance of -7.18% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently down -43.74% year-to-date, but still down -8.49% over the last five days. On the other hand, Canaan Inc ADR (NASDAQ:CAN) is -20.28% down in the 30-day period. We can see from the shorts that 23.2 million shares have been sold at a short interest cover period of 1.04 day(s).

Canaan Inc ADR (CAN) estimates and forecasts

Canaan Inc ADR share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -28.60 percent over the past six months and at a 17.18% annual growth rate that is well above the industry average of 16.10%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 25.00% in revenue this quarter, and will report an increase of 32.80% in the next quarter. The year-over-year growth rate is expected to be 20.30%, up from the previous year.

Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $30.23 million in revenue for the current quarter. 2 analysts expect Canaan Inc ADR to make $67.51 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $50.1 million and $69.92 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -39.70%. Forecasts for the next quarter put sales growth at -3.40%.

CAN Dividends

Canaan Inc ADR’s next quarterly earnings report is expected to be released around May 24 and May 28.

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

Upon looking at major shareholders, it appears that insiders hold 0.00% of Canaan Inc ADR shares, and 21.15% of them are in the hands of institutional investors. The stock currently has a share float of 21.15%. Canaan Inc ADR stock is held by 118 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 3.63% of the shares, which is about 6.17 million shares worth $13.14 million.

Blackrock Inc., with 2.04% or 3.46 million shares worth $7.38 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Amplify Transformational Data Sharing ETF and SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF were the top two Mutual Funds as of Jul 30, 2023. The former held 2.92 million shares worth $9.29 million, making up 1.72% of all outstanding shares. On the other hand, SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF held roughly 2.24 million shares worth around $4.5 million, which represents about 1.32% of the total shares outstanding.