Is Canaan Inc ADR (NASDAQ: CAN) Stock On Course For Another Boom Or Bust?

During the recent session, Canaan Inc ADR (NASDAQ:CAN)’s traded shares were 2.51 million, with the beta value of the company hitting 3.03. At the last check today, the stock’s price was $1.33, reflecting an intraday gain of 2.31% or $0.03. The 52-week high for the CAN share is $3.50, that puts it down -163.16 from that peak though still a striking 15.04% gain since the share price plummeted to a 52-week low of $1.13. The company’s market capitalization is $199.86M, and the average intraday trading volume over the past 10 days was 11.02 million shares, and the average trade volume was 19.03 million shares over the past three months.

Canaan Inc ADR (NASDAQ:CAN) trade information

Canaan Inc ADR (CAN) registered a 2.31% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 2.31% in intraday trading to $1.33, hitting a weekly high. The stock’s 5-day price performance is -6.34%, and it has moved by -15.29% in 30 days. Based on these gigs, the overall price performance for the year is -49.81%. The short interest in Canaan Inc ADR (NASDAQ:CAN) is 23.2 million shares and it means that shorts have 1.04 day(s) to cover.

Canaan Inc ADR (CAN) estimates and forecasts

Statistics show that Canaan Inc ADR has outperformed its competitors in share price, compared to the industry in which it operates. Canaan Inc ADR (CAN) shares have gone down -26.52% during the last six months, with a year-to-date growth rate more than the industry average at 17.18% against 15.20. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to grow 25.00% this quarter and then jump 32.80% in the quarter after that. In the rating firms’ projections, revenue will increase 20.30% compared to the previous financial year.

Revenue for the current quarter is expected to be $30.23 million as predicted by 2 analyst(s). Meanwhile, a consensus of 2 analyst(s) estimates revenue growth to $67.51 million by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $50.1 million and $69.92 million respectively. In this case, analysts expect current quarter sales to shrink by -39.70% and then drop by -3.40% in the coming quarter.

CAN Dividends

Canaan Inc ADR is due to release its next quarterly earnings between May 24 and May 28. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

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

Canaan Inc ADR insiders own 0.00% of total outstanding shares while institutional holders control 21.15%, with the float percentage being 21.15%. Vanguard Group Inc is the largest shareholder of the company, while 118 institutions own stock in it. As of Jun 29, 2023, the company held over 6.17 million shares (or 3.63% of all shares), a total value of $13.14 million in shares.

The next largest institutional holding, with 3.46 million shares, is of Blackrock Inc.’s that is approximately 2.04% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $7.38 million.

Also, the Mutual Funds coming in first place with the largest holdings of Canaan Inc ADR (CAN) shares are Amplify Transformational Data Sharing ETF and SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF. Data provided on Jul 30, 2023 indicates that Amplify Transformational Data Sharing ETF owns about 2.92 million shares. This amounts to just over 1.72 percent of the company’s overall shares, with a $9.29 million market value. The same data shows that the other fund manager holds slightly less at 2.24 million, or about 1.32% of the stock, which is worth about $4.5 million.