Buying Canaan Inc. (NASDAQ:CAN)? Here Are Some Things to Consider

Canaan Inc. (NASDAQ:CAN) shares, rose in value on Thursday, Apr 08, with the stock price up by 1.29% to the previous day’s close as strong demand from buyers drove the stock to $18.88.

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Actively observing the price movement in the recent trading, the stock is buoying the session at $18.64, falling within a range of $18.60 and $19.73. The value of beta (5-year monthly) is 0 whereas the PE ratio is 0 over 12-month period. Referring to stock’s 52-week performance, its high was $39.1, and the low was $1.76. On the whole, CAN has fluctuated by -2.25% over the past month.

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 50% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

A comparison of Canaan Inc. (CAN) with its peers suggests the former has fared considerably better in the market. CAN showed an intraday change of +1.29% in today’s session so far, and over the past year, it grew by +429.55%. In comparison, Microsoft Corp (MSFT) has moved higher at +1.11% today and is up +51.21% over the past 12 months. On the other hand, the price of Adobe Systems Inc (ADBE) has risen 1.39% today. The stock, however, is off 54.61% from where it was a year ago. Additionally, there is a gain of 129% for Oracle Corp (ORCL) in recent trading while the stock has seen an overall apprecation of 429.55% over the past year. The PE ratio stands at 0 for Canaan Inc., compared to 37.22 for Microsoft Corp, and 42.85 for Adobe Systems Inc. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.29%. Meanwhile, the Dow Jones Industrial weakened by -0.03%.

Data on historical trading for Canaan Inc. (NASDAQ:CAN) indicates that the trading volumes over the past 10 days have averaged 21.8 Million and over the past 3 months, they’ve averaged 18.87 Million. According to company’s latest data on outstanding shares, there are 156.58 Million shares outstanding.

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Nearly 0% of Canaan Inc.’s shares belong to company insiders and institutional investors own 12.97% of the company’s shares, according to Thomson Reuters’ data. The data on short interest also indicates that stock shorts accounted for 5.65 Million shares as on March 14, 2021, resulting in a short ratio of 0.21. According to the data, the short interest in Canaan Inc. (CAN) stood at 3.61% of shares outstanding as of March 14, 2021; the number of short shares registered in February reached 8.69 Million. The stock has risen by +214.33% 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.

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