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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $2.0083.

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

Canaan Trading Down 1.2%

Shares of CAN stock opened at $0.20 on Thursday. Canaan has a fifty-two week low of $0.15 and a fifty-two week high of $2.22. The firm has a market capitalization of $141.16 million, a P/E ratio of -0.58 and a beta of 2.62. The stock’s fifty day moving average is $0.30 and its two-hundred day moving average is $0.44. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.04 and a current ratio of 3.34.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Canaan during the 1st quarter worth about $43,000. Virtu Financial LLC acquired a new stake in Canaan in the fourth quarter valued at approximately $46,000. Goldman Sachs Group Inc. lifted its stake in shares of Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after acquiring an additional 200,869 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Canaan by 155.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after buying an additional 1,034,040 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.