Canaan Inc ADR (NASDAQ: CAN) stock jumped 2.40% on Friday to $1.71 against a previous-day closing price of $1.67. With 0.91 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.24 million shares. During the session, the Computer Hardware company that operates in wider Technology sector, reached to the highest price of $1.7199 whereas the lowest price it dropped to was $1.6400. The 52-week range on CAN shows that it touched its highest point at $3.98 and its lowest point at $1.52 during that stretch. It currently has a 1-year price target of $4.76. Beta for the stock currently stands at 3.08.
Price Performance and Earnings:
Three-month performance dropped to -18.96% while six-month performance fell -31.05%. The stock lost -40.42% in the past year, while it has lost -16.99% so far this year. A look at the trailing 12-month EPS for CAN yields -1.47 with Next year EPS estimates of -0.06. For the next quarter, that number is -0.02. This implies an EPS growth rate of -122.66% for this year and 50.00% for next year.
Float and Shares Shorts:
At present, 149.26 million CAN shares are outstanding with a float of 149.26 million shares on hand for trading. On Oct 12, 2023, short shares totaled 12.1 million, which was 7.12% higher than short shares on Sep 14, 2023. In addition to Mr. Nangeng Zhang as the firm’s Chairman & CEO, Mr. James Jin Cheng serves as its Chief Financial Officer.
Institutional Ownership:
Through their ownership of 17.32% of CAN’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 5.36% of CAN, in contrast to 15.61% held by mutual funds. As the largest shareholder in CAN with 3.04% of the stake, The Vanguard Group, Inc. holds 5,091,533 shares worth 5,091,533. A second-largest stockholder of CAN, SSgA Funds Management, Inc., holds 3,325,205 shares, controlling over 1.98% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in CAN, holding 3,105,398 shares or 1.85% stake. With a 1.59% stake in CAN, the Amplify Transformational Data Sha is the largest stakeholder. A total of 2,670,724 shares are owned by the mutual fund manager. The Siren Nasdaq NexGen Economy ETF, which owns about 1.43% of CAN stock, is the second-largest Mutual Fund holder. It holds 2,400,536 shares valued at 4.61 million. Vanguard Emerging Markets Stock I holds 1.39% of the stake in CAN, owning 2,337,885 shares worth 4.49 million.
Analysts Ratings:
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 2245.03% to reach the target high and rise by 1605.85% to reach the target low. Reaching the average price target will result in a growth of 1925.73% from current levels.
