Canaan Inc ADR (NASDAQ: CAN)’s stock price has decreased by -4.79 compared to its previous closing price of 1.02. However, the company has seen a -1.53% decrease in its stock price over the last five trading sessions. prnewswire.com reported 2024-09-30 that Plans to fund self-mining expansion and Bitcoin mining machine business in North America SINGAPORE, Sept. 30, 2024 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has closed the third and final tranche of its previously announced preferred shares financing (the “Preferred Shares Financing”), raising additional total gross proceeds of $50 million.
Is It Worth Investing in Canaan Inc ADR (NASDAQ: CAN) Right Now?
The 36-month beta value for CAN is at 3.09. Analysts have varying views on the stock, with 3 analysts rating it as a “buy,” 0 rating it as “overweight,” 0 as “hold,” and 0 as “sell.”
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The public float for CAN is 149.26M, and currently, shorts hold a 16.19% of that float. The average trading volume for CAN on October 28, 2024 was 5.20M shares.
CAN’s Market Performance
The stock of Canaan Inc ADR (CAN) has seen a -1.53% decrease in the past week, with a -6.62% drop in the past month, and a -1.07% fall in the past quarter. The volatility ratio for the week is 4.74%, and the volatility levels for the past 30 days are at 5.33% for CAN. The simple moving average for the past 20 days is -2.22% for CAN’s stock, with a -18.14% simple moving average for the past 200 days.
Analysts’ Opinion of CAN
Many brokerage firms have already submitted their reports for CAN stocks, with B. Riley Securities repeating the rating for CAN by listing it as a “Buy.” The predicted price for CAN in the upcoming period, according to B. Riley Securities is $2 based on the research report published on September 18, 2024 of the current year 2024.
Rosenblatt, on the other hand, stated in their research note that they expect to see CAN reach a price target of $3. The rating they have provided for CAN stocks is “Buy” according to the report published on September 11th, 2024.
H.C. Wainwright gave a rating of “Buy” to CAN, setting the target price at $5 in the report published on July 06th of the previous year.
CAN Trading at -1.55% from the 50-Day Moving Average
After a stumble in the market that brought CAN to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -72.25% of loss for the given period.
Volatility was left at 5.33%, however, over the last 30 days, the volatility rate increased by 4.74%, as shares sank -8.39% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +17.14% upper at present.
During the last 5 trading sessions, CAN fell by -1.53%, which changed the moving average for the period of 200-days by -54.62% in comparison to the 20-day moving average, which settled at $0.9932. In addition, Canaan Inc ADR saw -57.96% in overturn over a single year, with a tendency to cut further losses.
Stock Fundamentals for CAN
Current profitability levels for the company are sitting at:
- -1.57 for the present operating margin
- -0.93 for the gross margin
The net margin for Canaan Inc ADR stands at -1.57. The total capital return value is set at -0.94. Equity return is now at value -74.69, with -56.46 for asset returns.
The debt to equity ratio resting at 0.05. The interest coverage ratio of the stock is -27475.31.
Currently, EBITDA for the company is -330.83 million with net debt to EBITDA at 0.13. When we switch over and look at the enterprise to sales, we see a ratio of 0.95. The receivables turnover for the company is 29.99for trailing twelve months and the total asset turnover is 0.47. The liquidity ratio also appears to be rather interesting for investors as it stands at 2.83.
Conclusion
In conclusion, Canaan Inc ADR (CAN) has had a bad performance lately. Opinion on the stock among analysts is bullish, with some giving it a “buy” rating and others a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
