Canaan (NASDAQ:CAN) Stock Rating Upgraded by Wall Street Zen

Canaan (NASDAQ:CAN) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Several other research analysts have also weighed in on the company. Benchmark increased their target price on Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Compass Point began coverage on Canaan in a research note on Monday, September 15th. They set a “buy” rating for the company. B. Riley reduced their price objective on Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. BTIG Research started coverage on shares of Canaan in a research report on Monday, December 8th. They set a “buy” rating and a $3.00 target price for the company. Finally, Northland Securities set a $1.75 price target on shares of Canaan in a report on Friday, October 3rd. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $2.96.

Canaan Price Performance

NASDAQ CAN opened at $0.77 on Friday. The company has a market cap of $287.13 million, a P/E ratio of -1.13 and a beta of 2.88. Canaan has a 12 month low of $0.53 and a 12 month high of $2.47. The company has a 50-day moving average of $0.98 and a 200-day moving average of $0.93.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The firm had revenue of $21.17 million during the quarter, compared to analyst estimates of $18.26 million. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. During the same quarter in the prior year, the business posted ($0.01) earnings per share. As a group, equities research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan announced that its Board of Directors has authorized a stock buyback program on Wednesday, December 17th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Canaan by 15.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock worth $3,460,000 after acquiring an additional 525,772 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan during the second quarter valued at approximately $355,000. Finally, SBI Securities Co. Ltd. lifted its position in shares of Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after purchasing an additional 49,206 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Company Profile

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.