- Canaan Inc (CAN, Financial) reports a notable decline in Bitcoin production for June.
- Analysts forecast substantial potential gains for Canaan's stock.
- Expansion efforts continue in North America, promising long-term growth.
Canaan Inc. (CAN) experienced a decrease in its Bitcoin mining output, reporting the production of 88 bitcoins in June—a decline of over 19% compared to the previous month. Despite this dip in production, the company maintained an operational hashrate of 6.57 EH/s, with power costs averaging $0.045 per kWh. Simultaneously, Canaan strengthened its Bitcoin reserves to 1,484 bitcoins. The company is on an ambitious path to expand further into North America, augmenting its computing power with an additional 1 EH/s, expected to be operational at its U.S. facilities by July 2025.
Wall Street Analysts Forecast
Canaan Inc.'s (CAN, Financial) stock is currently generating excitement among analysts, who have provided one-year price targets. On average, seven analysts have set a target price of $2.82. The most optimistic forecast sees a high of $5.00, while the lowest estimate is $1.50. These projections suggest an impressive potential upside of 320.79% from the current trading price of $0.67. For more in-depth forecast data, refer to the Canaan Inc (CAN) Forecast page.
With a consensus recommendation from six brokerage firms, Canaan's average brokerage recommendation stands at 2.0, categorizing it as "Outperform." This rating scale spans from 1, indicating a Strong Buy, to 5, which suggests a Sell position.
GuruFocus Valuation Insights
According to GuruFocus estimates, Canaan Inc's projected GF Value for the coming year is $2.14. This signifies a potential upside of 219.16% from its present price of $0.6705. The GF Value reflects GuruFocus' assessment of the fair market value at which the stock is expected to trade, calculated from the stock’s historical trading multiples, past business growth, and anticipated future performance. Additional details can be explored on the Canaan Inc (CAN, Financial) Summary page.
