Canaan Inc. Sponsored ADR (NASDAQ:CAN) Stock Has Average Price Target of $1.75

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been given an average recommendation of “Moderate Buy” by the eight analysts that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $1.75.

Several equities research analysts have weighed in on the company. B. Riley Financial cut their price target on Canaan from $2.00 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, October 1st. JonesTrading upgraded shares of Canaan to a “strong-buy” rating in a report on Saturday, September 26th. Weiss Ratings cut Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $0.75 price target on shares of Canaan in a research note on Tuesday, September 15th. Finally, Zacks Research cut Canaan from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th.

Canaan Trading Up 0.5%

NASDAQ:CAN opened at $0.23 on Tuesday. The firm has a market cap of $166.59 million, a P/E ratio of -0.53 and a beta of 2.63. The firm has a 50-day simple moving average of $0.32 and a 200-day simple moving average of $0.36. Canaan has a one year low of $0.15 and a one year high of $2.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.67 and a current ratio of 2.86.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Saturday, August 15th. The company reported ($0.14) EPS for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%. The firm had revenue of $31.86 million for the quarter. Equities analysts anticipate that Canaan will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

A hedge fund recently bought a new position in Canaan stock. SG Americas Securities LLC acquired a new position in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 100,000 shares of the company’s stock, valued at approximately $43,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

About Canaan

Canaan Inc is a technology company that designs application-specific integrated circuits (ASICs) and computing hardware for blockchain applications, with a primary focus on Bitcoin mining. Its best-known product line is AvalonMiner, a series of specialized cryptocurrency-mining machines designed to deliver high-performance and energy-efficient computing.

The company also develops artificial intelligence and edge-computing solutions through its Kendryte line of processors and related hardware.