Highlights:
- Canaan (CAN, Financial) significantly increased its bitcoin mining output by 25.3% in May.
- The operational hashrate expanded, and North American operations grew by 0.91 EH/s.
- Analysts project a robust potential price increase of 347.70% over the current trading value.
Significant Bitcoin Mining Milestone
Canaan (CAN) has achieved a noteworthy milestone in its operations by mining 109 bitcoins in May, marking a remarkable 25.3% increase from the previous month. This achievement underscores the company's expanding capabilities in the cryptocurrency mining sector. Canaan's operational hashrate reached an impressive 8.75 EH/s, while maintaining an all-in power cost of $0.046/kWh. A key highlight was Canaan's strategic expansion in North America, which saw an increase of 0.91 EH/s during this period.
Wall Street Analysts' Optimistic Forecast
According to the one-year price targets provided by six analysts, the average target price for Canaan Inc (CAN, Financial) stands at $3.04. This includes a high estimate of $5.00 and a low estimate of $2.00. The average target indicates a substantial upside potential of 347.70% from the current price of $0.68. For more detailed analyst projections, visit the Canaan Inc (CAN) Forecast page.
Brokerage Recommendations Indicate Positive Outlook
The consensus from six brokerage firms places Canaan Inc (CAN, Financial) at an average brokerage recommendation of 1.8, which translates to an "Outperform" status. This rating uses a scale from 1 to 5, where 1 represents a Strong Buy and 5 signifies a Sell recommendation.
GuruFocus GF Value Estimation
Leveraging the calculations of GuruFocus, the estimated GF Value for Canaan Inc (CAN, Financial) in one year is projected to be $0.75. This estimation suggests a potential upside of 10.39% from the current price of $0.6794. The GF Value is derived from historical trading multiples, past business growth, and future business performance forecasts. For further insights and detailed data, visit the Canaan Inc (CAN) Summary page.
