- Canaan (CAN, Financial) achieved a 9.8% increase in bitcoin mining in March, reaching 90 bitcoins.
- The company enhanced its operational hashrate to 5.97 exahash per second.
- Wall Street analysts predict a significant potential upside for Canaan's stock price.
In March, Canaan (CAN) demonstrated its growing capabilities in the cryptocurrency sector by successfully mining 90 bitcoins, marking a 9.8% increase from February. This achievement pushed the company's operational hashrate to 5.97 exahash per second, with an impressively low power cost of $0.043 per kilowatt-hour. Strategic expansion efforts in North America were pivotal, leading to an increase in the company's installed computing capacity by 0.32 EH/s.
Wall Street Analysts Forecast
According to the insights from 5 analysts, the one-year price target for Canaan Inc (CAN, Financial) averages at $4.05, with estimates ranging from a high of $8.00 to a low of $2.50. This average target suggests a potential upside of 447.30% from the current trading price of $0.74. For more comprehensive estimate data, investors are encouraged to visit the Canaan Inc (CAN) Forecast page.
Meanwhile, the consensus from 5 brokerage firms rates Canaan Inc's (CAN, Financial) stock at an average recommendation of 1.8. This rating falls within the "Outperform" category, based on a scale where 1 signifies a Strong Buy and 5 indicates a Sell.
GuruFocus Valuation
GuruFocus estimates place the estimated GF Value for Canaan Inc (CAN, Financial) at $1.11 in the upcoming year, suggesting an upside potential of 50% from its current price of $0.74. The GF Value is a crucial metric, offering an estimate of the stock's fair trading value, based on historical trading multiples, past business growth, and future business performance projections. For a deeper dive into Canaan's valuation, visit the Canaan Inc (CAN) Summary page.
