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 $4.69 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 14.63 million Canaan Inc ADR (CAN) shares trading Friday and a closing price of $2.11 on the day, the dollar volume was approximately $30.88 million. The shares have shown a negative half year performance of -14.92% and its price on 01/05/24 lost nearly -3.21%. Currently, there are 150.27M common shares owned by the public and among those 149.26M shares have been available to trade.
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The top 3 mutual fund holders in Canaan Inc ADR are Amplify Transformational Data Sha, Vanguard Emerging Markets Stock I, and SPDR S&P Kensho New Economies Com. Amplify Transformational Data Sha owns 3.22 million shares of the company’s stock, all valued at over $4.87 million. The company bought an additional 0.13 million shares recently to bring their total holdings to about 1.92% of the shares outstanding. SPDR S&P Kensho New Economies Com now owns shares totaling to 1.35% of the shares outstanding.
Shares of Canaan Inc ADR (NASDAQ: CAN) opened at $2.17, down -$0.01 from a prior closing price of $2.18. The company’s stock has a 5-day price change of -24.91% and 13.44% over the past three months. CAN shares are trading -8.66% year to date (YTD), with the 12-month market performance down to -2.76% lower. It has a 12-month low price of $1.13 and touched a high of $3.98 over the same period. CAN has an average intraday trading volume of 10.44 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 -0.42%, 11.35%, and -5.64% respectively.
Institutional ownership of Canaan Inc ADR (NASDAQ: CAN) shares accounts for 22.18% of the company’s 150.27M shares outstanding. Mutual fund holders own 16.71%, while other institutional holders and individual stakeholders account for 3.75% and — respectively.
It has a market capitalization of $317.07M and a beta (3y monthly) value of 3.07. The earnings-per-share (ttm) stands at -$1.99. Price movements for the stock have been influenced by the stock’s volatility, which stands at 19.56% over the week and 17.47% over the month.
Analysts forecast that Canaan Inc ADR (CAN) will achieve an EPS of -$0.17 for the current quarter, -$0.12 for the next quarter and -$0.38 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.17 while analysts give the company a high EPS estimate of -$0.17. Comparatively, EPS for the current quarter was -$0.26 a year ago. Earnings per share for the fiscal year are expected to decrease by -124.23%, and 0.00% 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.
