Canaan Inc ADR (NASDAQ:CAN) price on Thursday, May 22, rose 2.28% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $0.70.
A look at the stock’s price movement, the close in the last trading session was $0.68. Turning to its 52-week performance, $3.27 and $0.53 were the 52-week high and 52-week low respectively. Overall, CAN moved -11.77% over the past month.
Canaan Inc ADR’s market cap currently stands at around $200.56 million, with investors looking forward to this quarter’s earnings report slated for in June.
Analysts have a consensus estimate of 660.11M for the company’s revenue for the quarter, with a low and high estimate of 540.03M and 721.96M respectively. The average forecast suggests up to a 28.71% 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 3.98B, representing a 103.51% 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% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.
CAN’s current price about -5.43% and -13.74% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 43.88, while 7-day volatility ratio is 7.03% and 7.19% in the 30-day chart. Further, Canaan Inc ADR (CAN) has a beta value of 3.40, and an average true range (ATR) of 0.09. 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 -185.71% off current price level while to achieve the yearly target high, price needs to move -185.71%. Nonetheless, investors will most likely welcome a -185.71% 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 20.00 million over the past 3 months. The company’s latest data on shares outstanding shows there are 286.84 million shares.
Current price change has pushed the stock -65.89% 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.
