On May 26, 2023, Canaan, a publicly traded company on NASDAQ under the ticker symbol CAN, announced disappointing Q1 results. The company’s revenue for the first quarter of fiscal year 2023 dropped by 72.6% compared to the same period the previous year, reaching $55.2 million, which was below market expectations of $62.1 million. Additionally, Canaan reported a quarterly loss of $0.43 per share, significantly missing the Zacks Consensus Estimate of a loss of $0.15. These results caused Canaan’s shares to plummet by 23.84% and reach $2.02.
The future of Canaan’s stock price movement will depend on the management’s commentary during the earnings call. Since the beginning of the year, Canaan’s shares have gained 25.2%, while the S&P 500 has only increased by 8.1%.
CAN Stock Analysis for May 26, 2023: Undervalued and Lackluster Performance
On May 26, 2023, CAN opened at 2.46, lower than the previous close of 2.58. Throughout the day, the stock traded within a range of 1.94 to 2.46. The volume for the day was 217,083, which is significantly lower than the average volume of 2,055,731 over the past three months. The market capitalization of the company was $461.7 million.
CAN is a company in the Electronic Technology sector, specifically in the Semiconductors industry. The EPS forecast for this quarter was -$0.59.
The P/E ratio for the stock was 5.0, which indicates that the stock was undervalued. The price/sales ratio was 0.54, and the price/book ratio was 0.67.
CAN had an annual revenue of $650.3 million and an annual profit of $72.2 million. The net profit margin for the company was 11.11%, which indicates that the company was profitable.
Overall, the performance of CAN on May 26, 2023, was lackluster. The low P/E ratio and other valuation ratios suggest that the stock was undervalued. Investors may want to keep an eye on the company’s earnings growth over the next few years to see if it can turn things around.
Canaan Incs Quarterly Earnings Report Reveals Revenue Increase and Positive Stock Outlook
On May 26, 2023, Canaan Inc reported its quarterly earnings and sales figures. The company’s earnings per share for the current quarter were -$0.59, which indicates a loss. However, the company’s revenue for the quarter was $473.4 million, which represents a significant increase from the previous quarter. According to data from CNN Money, the median target price for Canaan Inc’s stock is 5.38, with a high estimate of 6.34 and a low estimate of 3.94. This represents a 167.14% increase from the last price of 2.02. The consensus among four polled investment analysts is to buy stock in Canaan Inc, which has remained steady since April. Canaan Inc’s stock has been on an upward trajectory for some time, and the company’s recent earnings report and sales figures are likely to further boost investor confidence.
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