Canaan Inc. (NASDAQ: CAN) stock fell -1.06% on Monday to $1.86 against a previous-day closing price of $1.88. With 1.16 million shares changed hands, the volume of the stock remained lighter than its average volume of 3.01 million shares. During the session, the Computer Hardware company that operates in wider Technology sector, reached to the highest price of $1.9250 whereas the lowest price it dropped to was $1.8300. The 52-week range on CAN shows that it touched its highest point at $3.98 and its lowest point at $1.79 during that stretch. It currently has a 1-year price target of $5.33. Beta for the stock currently stands at 3.30.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CAN was down-trending over the past week, with a drop of -1.06%, but this was down by -20.85% over a month. Three-month performance dropped to -13.49% while six-month performance fell -39.61%. The stock lost -43.29% in the past year, while it has lost -9.71% so far this year. A look at the trailing 12-month EPS for CAN yields -1.61 with Next year EPS estimates of -0.18. For the next quarter, that number is -0.26. This implies an EPS growth rate of -75.70% for this year and 88.20% for next year.
Float and Shares Shorts:
At present, 190.81 million CAN shares are outstanding with a float of 170.04 million shares on hand for trading. On Aug 30, 2023, short shares totaled 10.51 million, which was 6.18% higher than short shares on Jul 30, 2023. In addition to Mr. Nangeng Zhang as the firm’s Chairman & CEO, Mr. James Jin Cheng serves as its Chief Financial Officer.
Through their ownership of 17.32% of CAN’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 5.12% of CAN, in contrast to 15.98% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in CAN with 3.42% of the stake, The Vanguard Group, Inc. holds 5,098,526 shares worth 5,098,526. A second-largest stockholder of CAN, SSgA Funds Management, Inc., holds 3,388,653 shares, controlling over 2.28% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in CAN, holding 2,986,679 shares or 2.01% stake. With a 1.90% stake in CAN, the Amplify Transformational Data Sha is the largest stakeholder. A total of 2,825,164 shares are owned by the mutual fund manager. The Invesco Mkts. II Plc – CoinShares, which owns about 1.90% of CAN stock, is the second-largest Mutual Fund holder. It holds 2,822,068 shares valued at 5.67 million. SPDR S&P Kensho New Economies Com holds 1.51% of the stake in CAN, owning 2,241,100 shares worth 4.5 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, CAN reported revenue of $1.65B and operating income of $659.26M. The EBITDA in the recently reported quarter was $667.31M and diluted EPS was $0.52.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CAN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CAN analysts setting a high price target of $40.10 and a low target of $29.17, the average target price over the next 12 months is $34.64. Based on these targets, CAN could surge 2055.91% to reach the target high and rise by 1468.28% to reach the target low. Reaching the average price target will result in a growth of 1762.37% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.