Canaan Inc ADR (NASDAQ:CAN) price on Friday, November 15, rose 11.49% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $1.65.
A look at the stock’s price movement, the close in the last trading session was $1.48, moving within a range at $1.43 and $1.68. The beta value (5-Year monthly) was 3.067. Turning to its 52-week performance, $3.50 and $0.72 were the 52-week high and 52-week low respectively. Overall, CAN moved 72.58% over the past month.
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Canaan Inc ADR’s market cap currently stands at around $451.67 million, with investors looking forward to this quarter’s earnings report slated for on 2024-Nov-20.
Analysts have a consensus estimate of 492.66M for the company’s revenue for the quarter, with a low and high estimate of 437.26M and 523.51M respectively. The average forecast suggests up to a 107.25% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 1.76B, representing a 15.91% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that CAN is a 100% Buy. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.
CAN’s current price about 27.65% and 48.09% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 62.10, while 7-day volatility ratio is 22.34% and 13.44% in the 30-day chart. Further, Canaan Inc ADR (CAN) has a beta value of 3.09, and an average true range (ATR) of 0.19. Analysts have given the company’s stock an average 52-week price target of $2, forecast between a low of $2 and high of $2. Looking at the price targets, the low is -21.21% off current price level while to achieve the yearly target high, price needs to move -21.21%. Nonetheless, investors will most likely welcome a -21.21% jump to $2 which is the analysts’ median price.
If we refocus on Canaan Inc ADR (NASDAQ:CAN), historical trading data shows that trading volumes averaged 16.82 over the past 10 days and 7.14 million over the past 3 months. The company’s latest data on shares outstanding shows there are 213.56 million shares.
Also important is the data on short interest which shows that short shares stood at 23.45 million on 2024-10-31, giving us a short ratio of 3.82. The data shows that as of 2024-10-31 short interest in Canaan Inc ADR (CAN) stood at 879.0000000000001 of shares outstanding, with shares short rising to 22.68 million registered in 2024-09-30. Current price change has pushed the stock -28.57% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CAN stock continues to rise going into the next quarter.
