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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been assigned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $2.25.

Several equities research analysts have recently commented on the stock. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. B. Riley Financial decreased their price target on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research report on Friday, November 21st. BTIG Research reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $1.50 price objective on shares of Canaan in a research note on Wednesday. Finally, Benchmark dropped their price target on Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday.

Canaan Stock Down 6.6%

Shares of NASDAQ:CAN traded down $0.04 on Thursday, hitting $0.52. The company had a trading volume of 7,099,617 shares, compared to its average volume of 18,664,514. The firm’s 50-day simple moving average is $0.76 and its two-hundred day simple moving average is $0.92. The firm has a market capitalization of $195.02 million, a price-to-earnings ratio of -1.09 and a beta of 2.85. Canaan has a 1 year low of $0.50 and a 1 year high of $2.22.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Tuesday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Canaan had a negative net margin of 39.69% and a negative return on equity of 66.53%. The firm had revenue of $196.27 million for the quarter, compared to the consensus estimate of $25.30 million. Equities research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan declared that its board has authorized a share repurchase program on Wednesday, December 17th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Canaan

Institutional investors and hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. raised its stake in Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after buying an additional 49,206 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan in the second quarter worth $355,000. Finally, Goldman Sachs Group Inc. raised its holdings 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 worth $516,000 after purchasing an additional 200,869 shares during the period. 70.14% of the stock is currently owned by institutional investors and hedge funds.

About Canaan

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.