The trading price of Canaan Inc ADR (NASDAQ:CAN) closed higher on Friday, December 06, and closing at $3.04, 35.11% higher than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $2.315 and $3.06. 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. Over the past month, the stock has gained 105.41% in value.
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Canaan Inc ADR, whose market valuation is $832.17 million at the time of this writing, is expected to release its quarterly earnings report in January. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -0.73 per share this quarter, however they have predicted annual earnings per share of -4.1 for current year and 0.36 for next year.
Analysts have forecast the company to bring in revenue of 580.92M for the current quarter, with the likely lows of 580.74M and highs of 581.11M. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue is 1.89B.
On the technical side, indicators suggest CAN has a 100% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Buy, while an average of long term indicators suggests that the stock is currently 100% Buy.
A quick review shows that CAN’s price is currently 61.92% off the SMA20 and 117.04% off the SMA50. The RSI metric on the 14-day chart is currently showing 78.09, and weekly volatility stands at 17.40%. When measured over the past 30 days, the indicator reaches 17.55%. Canaan Inc ADR (NASDAQ:CAN)’s beta value is currently sitting at 3.28, while the Average True Range indicator is currently displaying 0.29. 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 34.21% off the estimated low and 34.21% 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 34.21% above 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 35.11% in the latest trading, and 94.87% in the past year.
An evaluation of the daily trading volume of Canaan Inc ADR (NASDAQ:CAN) indicates that the 3-month average is 11.29 million. However, this figure has increased over the past 10 days to an average of 26.63.
Currently, records show that 273.74 million of the company’s shares remain outstanding. The institutions hold 20.13%. The stats also highlight that short interest as of 2024-10-31, stood at 23.45 million shares, resulting in a short ratio of 3.82 at that time. From this, we can conclude that short interest is 879.00 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 22.68 million. However, since the stock’s price has seen 31.60% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.
