Shares of Canaan (NASDAQ: CAN) were going up today, apparently because the price of Bitcoin (CRYPTO: BTC) was also rising. Those who know the company will realize this doesn't make a lot of sense, as we'll see in a moment. But there's no company-specific news to otherwise explain the stock's movement.
Is Canaan Inc (can) a good investment?
Mar 16, 2022 · Chinese tech company Canaan (NASDAQ: CAN) is everywhere today after jumping more than 38% on a stock buyback announcement. Today’s jump comes just two days after CAN stock plunged 15% amidst...
Is Canaan's (can) share price in a bearish cycle?
Mar 03, 2021 · Shares of Canaan (NASDAQ: CAN) were going up today, apparently because the price of Bitcoin (CRYPTO: BTC) was also rising. Those who know the company will realize this doesn't make a lot of sense...
What is the price prediction for cancanan Inc?
Mar 03, 2021 · Shares of Canaan ( CAN 6.00% ) were going up today, apparently because the price of Bitcoin ( BTC 1.67% ) was also rising. Those who know the company will realize this doesn't make a lot of sense ...
Why did Canaan (CAA) drop 15% today?
Apr 06, 2021 · Why Canaan Stock Went Up 36% Last Month Investors don't seem to mind the uncertainty regarding forward revenue. What happened Shares of Canaan ( CAN -20.80% ) went up 36.3% in March according to...
Why is Canaan stock rising?
Canaan Inc - ADR shares are trading higher after the company reported fourth-quarter ADS and sales results were higher year-over-year and issued guidance.Mar 3, 2022
Will Canaan keep going up?
The Canaan Inc. stock holds several negative signals and despite the positive trend, we believe Canaan Inc. will perform weakly in the next couple of days or weeks....Predicted Opening Price for Canaan Inc. of Tuesday, April 12, 2022.Fair opening price April 12, 2022Current price$4.51$4.47 (Undervalued)
Is Canaan worth investing in?
Investing in stocks, such as Canaan Inc, is an excellent way to grow wealth. For long-term investors, stocks are a good investment even during periods of the market volatility - a stock market downturn means that many stocks are on sale.
Why is Canaan stock going down?
Canaan Plunges 15% as Regulation Set to Hit Crypto Mining Sector. As of 1 p.m. ET, Canaan plunged 15.7%, as investors priced regulatory uncertainty and higher interest rates into the valuations of crypto miners such as Canaan.
Why is can stock dropping?
Its shares have plummeted 20% over the past 24 hours as of 1 p.m. ET, marking the largest move in the crypto mining sector, which is itself down big today. News that crypto miner Hive Blockchain Technologies made a large purchase of application-specific integrated circuit chips from Intel has driven most of this move.
Can earning?
Earnings announcement* for CAN: Jun 07, 2022 According to Zacks Investment Research, based on 1 analysts' forecasts, the consensus EPS forecast for the quarter is $0.4. The reported EPS for the same quarter last year was $0. CAN has a "high" Earnings Quality Ranking (EQR) for the 21st consecutive week.
What does Canaan company do?
Canaan Inc. is a bitcoin mining hardware manufacturer based in Hangzhou, China. The company was the second largest designer and manufacturer of Bitcoin mining machines globally in terms of computing power in the six months ended June 30, 2019, according to independent market research firm Frost & Sullivan.
Can Yahoo stock?
Performance OutlookPrevious Close4.3300Ask4.2500 x 1400Day's Range4.1900 - 4.450052 Week Range3.1000 - 15.0200Volume2,443,0273 more rows
How has Canaan's stock price been impacted by Coronavirus (COVID-19)?
Canaan's stock was trading at $3.91 on March 11th, 2020 when Coronavirus (COVID-19) reached pandemic status according to the World Health Organizat...
Are investors shorting Canaan?
Canaan saw a decrease in short interest during the month of February. As of February 15th, there was short interest totaling 5,360,000 shares, a de...
When is Canaan's next earnings date?
Canaan is scheduled to release its next quarterly earnings announcement on Tuesday, June 7th 2022. View our earnings forecast for Canaan .
What guidance has Canaan issued on next quarter's earnings?
Canaan issued an update on its first quarter 2022 earnings guidance on Thursday, March, 10th. The company provided EPS guidance of for the period....
Who are Canaan's key executives?
Canaan's management team includes the following people: Mr. Nangeng Zhang , Chairman & CEO (Age 38) Mr. Quanfu Hong , VP of Fin. & CFO (Age 37...
Who are some of Canaan's key competitors?
Some companies that are related to Canaan include Credo Technology Group (CRDO) , JinkoSolar (JKS) , Canadian Solar (CSIQ) , Himax Technologies...
When did Canaan IPO?
(CAN) raised $100 million in an initial public offering on Thursday, November 21st 2019. The company issued 10,000,000 shares at a price of $9.00-$...
What is Canaan's stock symbol?
Canaan trades on the NASDAQ under the ticker symbol "CAN."
Who are Canaan's major shareholders?
Canaan's stock is owned by many different retail and institutional investors. Top institutional investors include Invesco Ltd. (1.23%), BlackRock I...
How much is Bitcoin up in the past 24 hours?
The price of Bitcoin is up 7% over the past 24 hours, according to CoinDesk. That would be more material for Bitcoin mining companies than Canaan. I say this because Canaan already has orders for over 100,000 Bitcoin mining machines.
Is Canaan up in the past six months?
Canaan is up over 1,100% in the past six months alone, placing it among some of the top performers. But today, the company didn't report any news or file any documents with the Securities and Exchange Commission. Nevertheless, it was outperforming many other Bitcoin stocks. Image source: Getty Images.
Will Canaan meet demand in 2021?
So while the rising price of Bitcoin could create more mining demand, Can aan won't be meeting it unless it also increases manufacturing capabilities.
Is Canaan operating at capacity?
Operating at capacity is a good problem for Canaan to have. From a managerial point of view, it's easier to make plans to optimize cost structure when you have a good idea of what your demand is. That said, it's not really possible for investors to forecast the company's full-year 2021 revenue right now. Canaan's management didn't give guidance with its latest update. Furthermore, the price of its Bitcoin mining machines is prone to volatile swings. In theory, equipment could sell for less in six months than it does right now.
What happened
Shares of Canaan ( CAN 2.32% ) went up 36.3% in March according to data provided by S&P Global Market Intelligence. More impressively, at one point the stock was up 140% before finishing the month "only" up 36%. That's a massive move for this stock and yet there's not a satisfying explanation for it.
So what
Canaan manufactures equipment that's used to mine Bitcoin ( BTC -1.03% ). The price of Bitcoin increased 27% in March and many cryptocurrency stocks like Canaan traded higher as a result. But the rising price of cryptocurrencies hardly seems to explain why this stock had more than doubled at one point in March.
Now what
Mining machines are measured by something called a "hash rate" -- think of it like computing power. In the third quarter of 2020, Canaan sold 21% less hash rate than the year before. However, this drop pales in comparison to its revenue, which plummeted nearly 76% year over year. This highlights a unique aspect of Canaan's business.
About Canaan
Canaan Inc. engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People's Republic of China. It is also involved in the assembly of system products; and supply chain and distribution of system products.
Canaan (NASDAQ:CAN) Frequently Asked Questions
Canaan's stock was trading at $3.91 on March 11th, 2020 when Coronavirus reached pandemic status according to the World Health Organization. Since then, CAN shares have increased by 26.9% and is now trading at $4.96. View which stocks have been most impacted by COVID-19.
Is there a crackdown on cryptocurrency mining?
A major Chinese maker of bitcoin mining machines argued against an indiscriminate crackdown on cryptocurrency mining in China, saying the business helps make better use of electricity and contributes to employment and the local economy. Zhang Nangeng, CEO of Nasdaq-listed Canaan Inc, told an earnings conference call that although cryptomining activities using fossil-fuel power hampers Beijing's green efforts, those powered by clean energy should be spared from the crackdown. "For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste," Zhang said.
Is Canaan mining crackdown?
Mining rig maker Canaan argues against wholesale crackdown on bitcoin mining in China. A major Chinese maker of bitcoin mining machines argued against an indiscriminate crackdown on cryptocurrency mining in China, saying the business helps make better use of electricity and contributes to employment and the local economy.
CAN Target Price
CAN price target in 14 days: 6.622 USD * upside and 4.667 USD * downside. (Highest and lowest possible predicted price in a 14 day period)
Canaan Inc ( CAN ) Fund Market info
Recommendations: Buy or sell Canaan fund? Fund Market & Finance report, prediction for the future: You'll find the Canaan forecasts and fund quote below. According to present data Canaan's CAN shares and potentially its market environment have been in bearish cycle last 12 months (if exists).
