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Canaan Inc. (CAN) – Don’t Be So Quick to Call it Dead

Canaan Inc. (NASDAQ: CAN) is -40.00% lower on its value in year-to-date trading and has touched a low of $2.56 and a high of $11.19 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The CAN stock was last observed hovering at around $3.07 in the last trading session, with the day’s gains setting it 0.02% off its average median price target of $57.73 for the next 12 months. It is also 94.95% off the consensus price target high of $61.13 offered by 4 analysts, but current levels are 90.99% higher than the price target low of $34.31 for the same period.

Currently trading at $3.09, the stock is -8.05% and -17.21% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 1.04 million and changing 0.65% at the moment leaves the stock -28.29% off its SMA200. CAN registered -57.50% loss for a year compared to 6-month loss of -46.82%.

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The stock witnessed a -9.91% gain in the last 1 month and extending the period to 3 months gives it a -2.52%, and is -6.08% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 4.34% over the week and 5.96% over the month.

Canaan Inc. (CAN) has around 346 employees, a market worth around $567.29M and $931.00M in sales. Current P/E ratio is 1.32 and Fwd P/E is 2.45. Profit margin for the company is 43.10%. Distance from 52-week low is 20.70% and -72.39% from its 52-week high. The company has generated returns on investments over the last 12 months (51.40%).

Canaan Inc. (CAN) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Canaan Inc. (CAN) is a “Buy”. 4 analysts offering their recommendations for the stock have an average rating of 1.70, where 0 rate it as a Hold and 0 think it is a “Overweight”. 4 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Canaan Inc. is expected to release its quarterly report on 12/05/2022.The EPS is expected to grow by 946.70% this year

Canaan Inc. (CAN) Top Institutional Holders

The shares outstanding are 172.31M, and float is at 158.33M with Short Float at 5.88%.

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