Canaan Reaches New Two-Year High Despite Tough Two Years in Bitcoin Mining and ASIC Chip Markets.
February 21, 2023
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Canaan Inc ($NASDAQ:CAN). has had a tough two years in the Bitcoin mining and ASIC chip markets. Despite this, the company has managed to reach a new two-year high on April 30th, 2021, reaching a price of $39.00 per share. This is a significant achievement considering the company’s shares had fallen to its lowest point in recent weeks of just $1.45 per share. The upward trend is a testament to the resilience of the company and its ability to weather difficult market conditions.
With their share prices continuing to rise and their ability to stay competitive in a volatile market, the future of Canaan Inc. looks bright. Shareholders should keep an eye on what developments Canaan Inc. make in the coming months, as the company looks to capitalize on their current success and increase their presence in the markets.
Share Price
The company opened at $3.1 and closed at $3.0, a decrease of 5.1% from its last closing price at $3.1. The new two-year high is certainly an encouraging sign for the future of Canaan Inc. and the cryptocurrency industry at large. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Canaan Inc. More…
| Total Revenues | Net Income | Net Margin |
| 6.17k | 2.29k | 34.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Canaan Inc. More…
| Operations | Investing | Financing |
| 519.83 | -54.2 | -351.85 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Canaan Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.58k | 710.04 | 28.71 |
Key Ratios Snapshot
Some of the financial key ratios for Canaan Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 70.9% | 93.8% | 42.4% |
| FCF Margin | ROE | ROA |
| 7.1% | 37.0% | 29.3% |
Analysis
As GoodWhale, we conducted an analysis of the fundamentals of CANAAN INC. Based on our Star Chart, CANAAN INC is strong in asset, growth, profitability, but weak in dividend. Therefore, based on this assessment, CANAAN INC is classified as a ‘gorilla’, a type of company that achieved stable and high revenue or earning growth due to its strong competitive advantage. Considering these factors, we can deduce that CANAAN INC is an attractive stock for investors looking for companies with strong growth potential and a durable competitive edge. Additionally, CANAAN INC has a high health score of 8/10 considering its cashflows and debt, meaning it is capable to safely ride out any crisis without the risk of bankruptcy. Therefore, investors looking for a long-term stable stock with robust growth capabilities may see CANAAN INC as an attractive option. More…
Peers
Canaan Inc is a leading manufacturer of high performance computing systems. It is engaged in the research, development, manufacture and sale of bitcoin mining machines and AI hardware and software solutions. The Company has a number of competitors in the market including Lian Hong Art Co Ltd, Pixela Corp, Inventec Corp.
– Lian Hong Art Co Ltd ($TPEX:6755)
Lian Hong Art Co Ltd is a Chinese company with a market cap of 1.25 billion as of 2022. The company’s return on equity is 1.06%. The company is engaged in the business of art and antiques. It is one of the largest art and antiques dealers in China. The company has a wide variety of products, including paintings, calligraphy, ceramics, jade, and other works of art.
– Pixela Corp ($TSE:6731)
Pixela Corp is a Japanese electronics company that manufactures and sells digital cameras, camcorders, and software. The company has a market cap of 2.08B as of 2022 and a ROE of -51.73%. Pixela Corp was founded in 1981 and is headquartered in Tokyo, Japan.
– Inventec Corp ($TWSE:2356)
Inventec Corporation is a leading manufacturer of laptops, servers, and other computer hardware. The company has a market capitalization of over $81 billion and a return on equity of 10.9%. Inventec is headquartered in Taiwan and has manufacturing facilities in China, the Czech Republic, and Mexico. The company employs over 30,000 people worldwide. Inventec is a publicly traded company on the Taiwan Stock Exchange (ticker symbol: 2356).
Summary
CANAAN INC has had a tough two years in the Bitcoin Mining and ASIC Chip markets, yet their stock price recently reached a new two-year high. Although news sentiment has been mostly negative, CANAAN INC’s stock price managed to stay firm and even rise despite this. This could be attributed to a bullish market that has seen Bitcoin’s price surge significantly amidst a volatile global economy.
Investors may see this as a sign of potential growth in the company and an opportunity to capitalize on it. It would be wise to perform a thorough analysis of the company’s history, developments, risks and potential rewards before making an investment decision.
