CANAAN INC: A Company on the Rise, But Tied to the Price of Bitcoin
September 19, 2022
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Canaan Inc($NASDAQ:CAN) is an AI chip company based in China. They have seen good progress in sales over the past few years, thanks to their efficient mining chips which help save on energy costs. While the price of Bitcoin has been volatile in recent years, it remains the most dominant cryptocurrency.
Market Price
On Friday, the stock opened at $3.2 and closed at $3.2. This was down by 2.4% from the previous closing price of $3.3.
VI Analysis
CANAAN INC’s fundamentals reflect its long term potential, below analysis on CANAAN INC are made simple by VI app. According to VI Star Chart CANAAN INC is strong in asset, growth, profitability, and weak in dividend. CANAAN INC has a high health score of 7/10 with regard to its cashflows and debt, is capable to safely ride out any crisis without the risk of bankruptcy. CANAAN INC is classified as ‘gorilla’, a type of company that achieved stable and high revenue or earning growth due to its strong competitive advantage. High growth companies are deemed more risky as they attempt to grow faster.
Summary
If you are thinking about investing in Canaan Inc, you should do your research and understand the market before making any decisions.
