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Canaan Inc ADR Still Hasn’t Convinced Analysts?

Canaan Inc ADR (NASDAQ:CAN) price closed higher on Monday, February 12, jumping 16.87% above its previous close.

A look at the daily price movement shows that the last close reads $1.60. The company’s 5Y monthly beta was ticking 3.05. Taking into account the 52-week price action we note that the stock hit a 52-week high of $3.50 and 52-week low of $1.13. The stock subtracted -12.21% on its value in the past month.

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Canaan Inc ADR, which has a market valuation of $281.00 million, is expected to release its quarterly earnings report Mar 05, 2024 – Mar 11, 2024. Analysts tracking CAN have forecast the quarterly EPS to shrink by -0.18 per share this quarter, while the same analysts predict the annual EPS to hit -$1.69 for the year 2024 and up to -$0.39 for 2024. In this case, analysts estimate an annual EPS growth of -313.90% for the year and 76.90% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $31.73 million, with the likely lows of $31.43 million and highs of $32.03 million. The average estimate suggests sales growth for the quarter will likely fall by -38.50% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $182.13 million for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow -68.40% below that which the company brought in 2023.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give CAN a short term outlook of 50% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a Hold, while an average of long term indicators are currently assigning the stock as 50% Sell.

The overview shows that CAN’s price is at present 18.04% off the SMA20 and 0.75% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 56.34, with weekly volatility standing at 14.96%. The indicator jumps to 11.93% when calculated based on the past 30 days. Canaan Inc ADR (NASDAQ:CAN)’s beta value is holding at 3.05, while the average true range (ATR) indicator is currently reading 0.23.

An analysis of the Canaan Inc ADR (NASDAQ:CAN) stock in terms of its daily trading volume indicates that the 3-month average is 2.48. However, this figure increases on the past 10-day timeline to an average of 16.06 million.

Current records show that the company has 150.27M in outstanding shares. The percentage share held by institutions stands at 27.92%. The stats also highlight that short interest as of Jan 31, 2024, stood at 22.34 million shares, which puts the short ratio at the time at 1.18. From this we can glean that short interest is 9.54% of company’s current outstanding shares. Notably, we see that shares short in January rose slightly given the previous month’s figure stood at 21.74 million. But the -19.05% downside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.