Canaan Inc. (CAN)

[The_Krakenite]

Anyone trading Canaan? The vol is extreme which has me leaning toward shorting PUTs.

Tried to get some good fills this afternoon, but no one wanted to bite at my limits.

 

[Quanto]

According to my analysis of CAN, with CC or CSP about 5 to 7% per month is possible with some of the expiration dates (tenors).

CC: CoveredCall (= LongStock + ShortCall)
CSP: CashSecuredPut (= ShortPut + cash)

 

[Martstorm]

I have been trading Canaan for a while and I think it is a good opportunity to short PUTs. Canaan is one of the leading manufacturers of Bitcoin mining machines and they have a strong competitive advantage in the industry. They have recently launched their new A12 series of ASIC miners, which are more efficient and powerful than their previous models. They also have a loyal customer base and a solid distribution network. I believe that Canaan will benefit from the increasing demand for Bitcoin and the rising hash rate. The stock price has been volatile lately, but I think it is undervalued and has a lot of upside potential. I am confident that Canaan will beat the earnings expectations and deliver strong growth in the future. That is why I am shorting PUTs and betting on Canaan’s success.

 

[The_Krakenite]

Ethereum swapping to PoS can't have helped them much.

I will try to continue doing due diligence in 2024. In any case, I already took a small position of 30 contracts here:

 

[Quanto]

I just wonder what will happen to all the companies (even listed companies!) specializing in Bitcoin,
if it too switches its current PoW method to the PoS method
And they should do it, b/c of the massive waste of energy needed for PoW.

 

[Martstorm]

I am bullish on Canaan (NASDAQ: CAN), the leading Bitcoin mining hardware maker. The company has a solid financial position, with no debt and a healthy cash flow. It also has a strong technological advantage, as it designs its own AI chips and software to optimize mining performance. Canaan’s sales and profits have been increasing consistently, and I think they will surprise the analysts in the next earnings report. Canaan is trading at a bargain price compared to its competitors, and I see a lot of room for growth. I am a long-term investor in Canaan and I am buying more shares whenever I can.

 

[The_Krakenite]

Well that was a bit of an unexpected shit-show today. Crashed down over 8%.

Ethereum skyrocketed, yet most miners went into a steep sell-off off and Sec Up-Tick-Rule is enforced on half of them for short-selling restrictions now.

I just knew Murphy's Law was going to hit me here, lol.

 

[maxinger]

What a Super penny stock.
It has been bleeding ...
but there is still some blood left.

It can never reach its former glory again.

In this world, there are thousands of non penny stocks to trade.

 

[Quanto]

Holy Shaet! Today I opened a small ShortPut position in CAN, and only later learned that in a few days it will present its ER (normally I avoid doing trades which cross such dates):

"Canaan Inc. to Report Fourth Quarter and Full Year 2023 Financial Results on February 27, 2024"
https://finance.yahoo.com/news/canaan-inc-report-fourth-quarter-100000780.html

Can the current and recent rising of the stock price (right now 7+% in plus) be seen as an indicator for good Earnings numbers?
And: since the OP in this thread (dated Feb 2), ie. in 20 days, the stock has risen 52%.

 

[The_Krakenite]

Well then, ironically, I'm down on my position despite all the upside. I guess I should have just bought the shares outright. I'm down $115 in the red.