The trading price of Canaan Inc ADR (NASDAQ:CAN) closed higher on Monday, October 28, and closing at $1.06, 9.15% higher than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $0.972 and $1.07. In examining the 52-week price action we see that the stock hit a 52-week high of $3.50 and a 52-week low of $0.72.
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Canaan Inc ADR, whose market valuation is $290.16 million at the time of this writing, is expected to release its quarterly earnings report in November. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -0.05 per share this quarter, however they have predicted annual earnings per share of -0.3 for current year and -0.11 for next year.
Analysts have forecast the company to bring in revenue of 72.84M for the current quarter, with the likely lows of 72.5M and highs of 73.03M. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue is 258.85M.
On the technical side, indicators suggest CAN has a Hold on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently Hold.
A quick review shows that CAN’s price is currently 6.46% off the SMA20 and 7.03% off the SMA50. The RSI metric on the 14-day chart is currently showing 56.23, and weekly volatility stands at 6.14%. When measured over the past 30 days, the indicator reaches 5.58%. Canaan Inc ADR (NASDAQ:CAN)’s beta value is currently sitting at 3.09, while the Average True Range indicator is currently displaying 0.06. With analysts defining $2-$2 as the low and high price targets, we arrive at a consensus price target of $2 for the trailing 12-month period. The current price is about -88.68% off the estimated low and -88.68% off the forecast high, based on this estimate. Investors will be thrilled if CAN’s share price rises to $2, which is the median consensus price. At that level, CAN’s share price would be -88.68% below current price.
To see how Canaan Inc ADR stock has been performing in comparison to its peers in the industry, here are the numbers: CAN stock’s performance was 9.15% in the latest trading, and -44.79% in the past year.
An evaluation of the daily trading volume of Canaan Inc ADR (NASDAQ:CAN) indicates that the 3-month average is 5.21 million. However, this figure has increased over the past 10 days to an average of 5.1.
Currently, records show that 213.56 million of the company’s shares remain outstanding. The institutions hold 19.78%. The stats also highlight that short interest as of 2024-10-15, stood at 24.16 million shares, resulting in a short ratio of 4.67 at that time. From this, we can conclude that short interest is 905.00 of the company’s total outstanding shares. It is noteworthy that short shares in October were up slightly from the previous month’s figure, which was 23.95 million. However, since the stock’s price has seen -54.11% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.
