CAN Stock Summary and Trading Ideas (Canaan - American Depositary Shares | NASDAQ:CAN)

Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The revenues of the company are derived from the sales of Bitcoin mining machines and related parts.

Canaan - American Depositary Shares trades on the NASDAQ stock market under the symbol CAN.

As of May 1, 2024, CAN stock price was flat at $0.87 with 5,093,706 million shares trading.

CAN has a beta of 2.84, meaning it tends to be more sensitive to market movements. CAN has a correlation of 0.09 to the broad based SPY ETF.

CAN has a market cap of $262.09 million. This is considered a Small Cap stock.

Last quarter Canaan - American Depositary Shares reported $49 million in Revenue and -$.30 earnings per share. This beat revenue expectation by $15 million and missed earnings estimates by -$.11.

In the last 3 years, CAN stock traded as high as $13.30 and as low as $.75.

The top ETF exchange traded funds that CAN belongs to (by Net Assets): VXUS, BLCN, DAPP, VWO, BITQ.

CAN has underperformed the market in the last year with a price return of -69.0% while the SPY ETF gained +21.9%. CAN has also underperformed the stock market ETF in the last 3 month and 2 week periods returning -41.4% and -20.6%, respectively, while the SPY returned +2.3% and -0.6%, respectively.

CAN support price is $.80 and resistance is $.95 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that CAN stock will trade within this expected range on the day.