BlackRock Fund Advisors has recently announced that it has increased stake in Canaan Inc. (NASDAQ:CAN) by 1.80%. After grabbing 2.63 million shares, the institutional investor is now in possession of 46527.0 shares of the Technology Company. The new investment brought the stake of investor firm to 1.77% having worth around $7.41 million. Moreover, SSgA Funds Management, Inc. increased its share by 44566.0 to have a control over 1.28 million shares. And Chiron Investment Management LLC raised its holdings to 1.08 million shares by acquiring 1.08 million shares or 0.72% of the stake.
Canaan Inc. (CAN) concluded trading on 05/24/23 at a closing price of $2.57, with 1.21 million shares of worth about $3.11 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 1.98% during that period and on Wednesday the price saw a loss of about -0.77%. Currently the company’s common shares owned by public are about 168.36M shares, out of which, 31.62M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 4 analysts are covering the CAN stock and their offered price forecasts bring an average price target of $36.94. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $44.85 and could fall to a lowest price of $27.88. The stock’s current price level is 51.78% above of average price target set by the analysts, while a rise to estimated low would result in gain of 90.78% for the stock. However, touching the estimated high of $44.85 would mean a gain of 94.27% for the stock.
Vanguard Emerging Markets Stock I, Invesco Mkts. II Plc – CoinShares, and Vanguard Total International Stoc are the top 3 mutual funds which are holding stakes in Canaan Inc. Vanguard Emerging Markets Stock I is currently holding 2.2 million shares of worth totaling $6.22 million. The company recently came buying 0.0 shares which brought its stake up to 1.48% of the company’s outstanding shares. Vanguard Total International Stoc, after buying 2.08 million shares, have now control over 1.40% of the stake in the company. It holds 0.0 shares of worth $5.86 million.
Canaan Inc. (NASDAQ: CAN) started trading at $2.53, below -$0.06 from concluding price of the previous day. However, the stock later moved at a day high price of 2.5900, or with a loss of -0.77%. Stock saw a price change of -1.91% in past 5 days and over the past one month there was a price change of 7.08%. Year-to-date (YTD), CAN shares are showing a performance of 24.76% which decreased to -19.69% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.87 but also hit the highest price of $4.54 during that period. The average intraday trading volume for Canaan Inc. shares is 1.83 million. The stock is currently trading -0.64% below its 20-day simple moving average (SMA20), while that difference is down -4.42% for SMA50 and it goes to -11.83% lower than SMA200.
BlackRock Fund Advisors acquired 2.63 million shares of Canaan Inc. having value of about $7.41 million. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 46527.0 shares in the company valued at close to $119574.39, or have control over 1.80% stake in the company. Canaan Inc. (NASDAQ: CAN) currently have 168.36M outstanding shares and institutions hold larger chunk of about 21.90% of that. Holding of mutual funds in the company is about 12.73% while other institutional holders and individual stake holders have control over 5.67% and — of the stake respectively.
The stock has a current market capitalization of $482.39M and its 3Y-monthly beta is at 3.25. PE ratio of stock for trailing 12 months is 6.57, while it has posted earnings per share of $0.39 in the same period. It has Quick Ratio of 4.60 while making debt-to-equity ratio of 0.00. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CAN, volatility over the week remained 5.88% while standing at 5.61% over the month.
Analysts are in expectations that Canaan Inc. (CAN) stock would likely to be making an EPS of -$0.21 in the current quarter, while forecast for next quarter EPS is -$0.12 and it is $1.75 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.21 which is -$0.21 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.4 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -75.70% while it is estimated to increase by 171.90% in next year.
Analysts at 4 brokerage firms have issued recommendations for the Canaan Inc. (CAN)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 4 Wall Street analysts, 3 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
