Canaan Inc ADR (NASDAQ:CAN) price closed lower on Tuesday, March 26, dropping -0.70% below its previous close.
A look at the daily price movement shows that the last close reads $1.42. The company’s 5Y monthly beta was ticking 3.03. 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 -28.43% on its value in the past month.
Canaan Inc ADR, which has a market valuation of $211.88 million, is expected to release its quarterly earnings report May 24, 2024 – May 28, 2024. Analysts tracking CAN have forecast the quarterly EPS to shrink by -0.36 per share this quarter, while the same analysts predict the annual EPS to hit -$1.52 for the year 2024 and up to $0 for 2025.
On average, analysts have forecast the company’s revenue for the quarter will hit $30.23 million, with the likely lows of $30.1 million and highs of $30.36 million. The average estimate suggests sales growth for the quarter will likely fall by -39.70% 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 $254.51 million for the company’s annual revenue in 2024. Per this projection, the revenue is forecast to grow 15.30% above that which the company brought in 2024.
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 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Sell, while an average of long term indicators are currently assigning the stock as 100% Sell.
The overview shows that CAN’s price is at present -5.72% off the SMA20 and -13.94% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 44.79, with weekly volatility standing at 11.20%. The indicator jumps to 12.04% when calculated based on the past 30 days. Canaan Inc ADR (NASDAQ:CAN)’s beta value is holding at 3.02, while the average true range (ATR) indicator is currently reading 0.19.
An analysis of the Canaan Inc ADR (NASDAQ:CAN) stock in terms of its daily trading volume indicates that the 3-month average is 21.22 million. However, this figure increases on the past 10-day timeline to an average of 14.56 million.
Current records show that the company has 150.27M in outstanding shares. The percentage share held by institutions stands at 30.61%. The stats also highlight that short interest as of Feb 29, 2024, stood at 23.29 million shares, which puts the short ratio at the time at 0.95. From this we can glean that short interest is 9.94% of company’s current outstanding shares. Notably, we see that shares short in February rose slightly given the previous month’s figure stood at 22.34 million. But the -38.96% 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.
