Canaan Inc. Sponsored ADR (NASDAQ:CAN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have received an average recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $2.0083.

A number of equities research analysts have recently issued reports on CAN shares. BTIG Research reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, May 19th. Rosenblatt Securities reduced their target price on shares of Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a research report on Wednesday, May 20th. Weiss Ratings cut Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 19th. Finally, Wall Street Zen raised Canaan to a “sell” rating in a report on Saturday, April 18th.

Institutional Trading of Canaan

Several large investors have recently made changes to their positions in CAN. SBI Securities Co. Ltd. boosted its holdings in shares of Canaan by 155.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after purchasing an additional 1,034,040 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Canaan by 52.0% during the 1st 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. Virtu Financial LLC bought a new stake in shares of Canaan in the fourth quarter worth $46,000. Finally, SG Americas Securities LLC bought a new stake in shares of Canaan in the 1st quarter valued at about $43,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Down 0.3%

Shares of NASDAQ CAN traded down $0.00 during mid-day trading on Friday, hitting $0.31. The company had a trading volume of 3,672,768 shares, compared to its average volume of 10,499,708. The company has a current ratio of 3.34, a quick ratio of 2.04 and a debt-to-equity ratio of 0.09. The firm has a 50-day simple moving average of $0.38 and a two-hundred day simple moving average of $0.51. The company has a market capitalization of $220.95 million, a PE ratio of -0.91 and a beta of 2.57. Canaan has a one year low of $0.26 and a one year high of $2.22.

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

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.