Is Canaan Inc.’s (NASDAQ: CAN) Stock Due For A Strong Run?

In the last trading session, 2.01 million Canaan Inc. (NASDAQ:CAN) shares changed hands as the company’s beta touched 0. With the company’s per share price at $3.95 changed hands at -$0.24 or -5.73% during last session, the market valuation stood at $794.82M. CAN’s last price was a discount, traded about -183.29% off its 52-week high of $11.19. The share price had its 52-week low at $2.56, which suggests the last value was 35.19% up since then. When we look at Canaan Inc.’s average trading volume, we note the 10-day average is 2.24 million shares, with the 3-month average coming to 3.47 million.

Analysts gave the Canaan Inc. (CAN) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.50. If we narrow down to specifics, the data shows that 0 out of 5 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended CAN as a Hold, 5 felt it is a Buy and 0 rated the stock as Underweight. Canaan Inc.’s EPS for the current quarter is expected to be $0.06.

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Instantly CAN was in red as seen at the end of in last trading. With action -0.50%, the performance over the past five days has been red. The drop to weekly highs of 4.54 on Monday, 07/25/22 subtracted -5.73% to the stock’s daily price. The company’s shares are showing year-to-date downside of -23.30%, with the 5-day performance at -0.50% in the red. However, in the 30-day time frame, Canaan Inc. (NASDAQ:CAN) is 16.86% up. Looking at the short shares, we see there were 10.82 million shares sold at short interest cover period of 2.25 days.

The consensus price target for the stock as assigned by Wall Street analysts is $55.34, meaning bulls need an upside of 92.86% from its current market value. According to analyst projections, CAN’s forecast low is $33.51 with $74.40 as the target high. To hit the forecast high, the stock’s price needs a -1783.54% plunge from its current level, while the stock would need to soar -748.35% for it to hit the projected low.

Canaan Inc. (CAN) estimates and forecasts

Data shows that the Canaan Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -9.20% over the past 6 months, a -47.64% in annual growth rate that is considerably lower than the industry average of 1.30%.

Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $27.47 million. 1 analysts are of the opinion that Canaan Inc.’s revenue for the quarter ending Jun 2022 will be $53.16 million.

The 2022 estimates are for Canaan Inc. earnings to increase by 946.70%.

CAN Dividends

Canaan Inc. is expected to release its next quarterly earnings report between March 28 and April 01.

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

If we look at who the major shareholders are, we find that insiders hold 0.00% of Canaan Inc. shares while 14.52% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 14.52%. There are 14.52% institutions holding the Canaan Inc. stock share, with Vanguard Group, Inc. (The) the top institutional holder. As of Dec 30, 2021, the company held 2.57% of the shares, roughly 4.27 million CAN shares worth $22.0 million.

Toroso Investments, LLC holds the second largest percentage of outstanding shares, with 1.47% or 2.44 million shares worth $12.55 million as of Dec 30, 2021.

Among Mutual Funds, the top two as of Jan 30, 2022 were Amplify Transformational Data Sharing ETF and Vanguard International Stock Index-Emerging Markets Stk. With 2.44 million shares estimated at $10.48 million under it, the former controlled 1.47% of total outstanding shares. On the other hand, Vanguard International Stock Index-Emerging Markets Stk held about 0.97% of the shares, roughly 1.62 million shares worth around $6.96 million.

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