B. Riley Financial Issues Pessimistic Forecast for Canaan (NASDAQ:CAN) Stock Price

Canaan (NASDAQ:CAN) had its price target reduced by stock analysts at B. Riley Financial from $2.00 to $1.50 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s price target indicates a potential upside of 334.78% from the company’s previous close.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canaan in a research note on Friday, August 14th. JonesTrading upgraded Canaan to a “strong-buy” rating in a research report on Saturday, September 26th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $0.75 price objective on shares of Canaan in a research report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Canaan currently has a consensus rating of “Moderate Buy” and an average target price of $1.75.

Canaan Price Performance

Shares of Canaan stock opened at $0.34 on Thursday. Canaan has a 52-week low of $0.15 and a 52-week high of $2.22. The stock has a market capitalization of $247.09 million, a price-to-earnings ratio of -0.78 and a beta of 2.72. The company has a fifty day moving average of $0.30 and a 200-day moving average of $0.37. 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 released its earnings results on Saturday, August 15th. The company reported ($0.14) EPS for the quarter. The business had revenue of $31.86 million for the quarter. Canaan had a negative net margin of 67.78% and a negative return on equity of 77.73%.

Hedge Funds Weigh In On Canaan

An institutional investor recently bought a new position in Canaan stock. SG Americas Securities LLC bought a new stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $43,000. Institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company’s best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan’s proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.