Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives Average Rating of “Moderate Buy” from Analysts

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $2.0083.

Several analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Benchmark decreased their price objective on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. HC Wainwright reaffirmed a “buy” rating and set a $1.50 price objective on shares of Canaan in a research report on Wednesday, February 11th. Rosenblatt Securities reduced their price target on shares of Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of Canaan to a “sell” rating in a research note on Saturday, April 18th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Canaan during the first quarter worth about $43,000. Virtu Financial LLC acquired a new position in Canaan during the fourth quarter worth about $46,000. Goldman Sachs Group Inc. grew its position in Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after buying an additional 200,869 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Canaan by 228.1% in the third quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock valued at $586,000 after purchasing an additional 462,240 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Price Performance

CAN stock opened at $0.42 on Friday. Canaan has a 52-week low of $0.39 and a 52-week high of $2.22. The company has a quick ratio of 1.93, a current ratio of 3.34 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average of $0.48 and a two-hundred day moving average of $0.67. The stock has a market cap of $297.23 million, a price-to-earnings ratio of -1.22 and a beta of 2.65.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, May 19th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Canaan had a negative net margin of 41.71% and a negative return on equity of 55.84%. The company had revenue of $62.69 million during the quarter, compared to analyst estimates of $9.50 million. During the same quarter last year, the business posted ($0.02) EPS. As a group, research analysts anticipate that Canaan will post -0.15 earnings per share for the current year.

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.