Thinking Of Investing In Canaan Inc ADR (NASDAQ: CAN) Stock? Read This First

Canaan Inc ADR (NASDAQ:CAN) shares, rose in value, with the stock price down by -0.76% to the previous day’s close as strong demand from buyers drove the stock to $1.30.

Actively observing the price movement in the last trading, the stock closed the session at $1.31. The value of beta (5-year monthly) was 3.03. Referring to stock’s 52-week performance, its high was $3.50, and the low was $1.13. On the whole, CAN has fluctuated by -17.20% over the past month.

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With the market capitalization of Canaan Inc ADR currently standing at about $195.35 million, investors are eagerly awaiting this quarter’s results, scheduled for May 24, 2024 – May 28, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.36, which is expected to increase to -$0.41 for fiscal year -$1.52 and then to about $0 by fiscal year 2025.

Analysts have estimated the company’s revenue for the quarter at $30.23 million, with a low estimate of $30.1 million and a high estimate of $30.36 million. According to the average forecast, sales growth in current quarter could jump down -39.70%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $254.51 million, representing an increase of 20.30% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CAN’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CAN currently trading nearly -9.09% and -18.10% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 41.45, while the 7-day volatility ratio is showing 9.27% which for the 30-day chart, stands at 10.39%. Furthermore, Canaan Inc ADR (CAN)’s beta value is 3.03, and its average true range (ATR) is 0.17.

A comparison of Canaan Inc ADR (CAN) with its peers suggests the former has fared considerably weaker in the market. CAN showed an intraday change of -0.76% in last session, and over the past year, it shrunk by -51.85%%.

Data on historical trading for Canaan Inc ADR (NASDAQ:CAN) indicates that the trading volumes over the past 10 days have averaged 11.02 million and over the past 3 months, they’ve averaged 19.45 million. According to company’s latest data on outstanding shares, there are 150.27 million shares outstanding.

Canaan Inc ADR’s shares belong to company insiders and institutional investors own 30.27% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 23.2 million shares as on Mar 15, 2024, resulting in a short ratio of 1.04. According to the data, the short interest in Canaan Inc ADR (CAN) stood at 9.90% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 22.06 million. The stock has fallen by -43.72% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CAN stock heading into the next quarter.