BlackRock Fund Advisors recently announced the acquisition of new stake in Canaan Inc ADR (NASDAQ:CAN). The institutional investor has increased its shareholding in the Technology company by 3.97% to 3.11 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 1.85% valued currently at $5.96 million. In addition, Invesco Capital Management LLC raised its holdings by 0.65 million to 3.02 million shares. And Van Eck Associates Corp. has lifted its position by 35.52% or 0.62 million shares – to 2.37 million shares.
With over 5.05 million Canaan Inc ADR (CAN) shares trading Tuesday and a closing price of $1.72 on the day, the dollar volume was approximately $8.68 million. The shares have shown a negative half year performance of -14.43% and its price on 11/28/23 gained nearly 1.78%. Currently, there are 149.26M common shares owned by the public and among those 149.26M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for CAN have a consensus price objective of $34.64. The analysts have set the share’s price value over the next 12 months at a high of $40.10 and a low of $29.17. The average price target is 63.87% above its recent price level and an upside to the estimated low will see the stock gain 94.1% over that period. But an upside of 95.71% will see the stock hit the forecast high price target while median target price for the stock is $34.64.
The top 3 mutual fund holders in Canaan Inc ADR are Amplify Transformational Data Sha, Siren Nasdaq NexGen Economy ETF, and Vanguard Emerging Markets Stock I. Amplify Transformational Data Sha owns 2.67 million shares of the company’s stock, all valued at over $5.13 million. Vanguard Emerging Markets Stock I bought 0.13 million shares to bring its total holdings to over 2.34 million shares at a value of $4.49 million. Vanguard Emerging Markets Stock I now owns shares totaling to 1.39% of the shares outstanding.
Shares of Canaan Inc ADR (NASDAQ: CAN) opened at $1.66, down -$0.03 from a prior closing price of $1.69. However, the script later moved the day high at 1.7590, up 1.78%. The company’s stock has a 5-day price change of 1.78% and -19.25% over the past three months. CAN shares are trading -16.50% year to date (YTD), with the 12-month market performance down to -33.33% lower. It has a 12-month low price of $1.52 and touched a high of $3.98 over the same period. CAN has an average intraday trading volume of 2.18 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.60%, -4.09%, and -26.39% respectively.
Institutional ownership of Canaan Inc ADR (NASDAQ: CAN) shares accounts for 23.03% of the company’s 149.26M shares outstanding. Mutual fund holders own 15.61%, while other institutional holders and individual stakeholders account for 5.35% and — respectively.
It has a market capitalization of $256.73M and a beta (3y monthly) value of 3.04. The earnings-per-share (ttm) stands at -$1.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.56% over the week and 7.87% over the month.
Analysts forecast that Canaan Inc ADR (CAN) will achieve an EPS of -$0.26 for the current quarter, -$0.18 for the next quarter and -$0.17 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.26 while analysts give the company a high EPS estimate of -$0.26. Comparatively, EPS for the current quarter was $0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -122.24%, and 50.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Canaan Inc ADR (CAN) as a “Strong Buy” at a consensus score of 1.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CAN, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on July 06, 2022, with the firm’s price target at $5.
