Canaan (NASDAQ:CAN) Rating Lowered to Strong Sell at Zacks Research

Canaan (NASDAQ:CAN) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks reports.

A number of other equities analysts have also commented on the stock. B. Riley Financial dropped their price target on shares of Canaan from $2.00 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, October 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $0.75 price objective on shares of Canaan in a report on Tuesday, September 15th. JonesTrading raised shares of Canaan to a “strong-buy” rating in a report on Saturday, September 26th. Finally, Weiss Ratings upgraded shares of Canaan from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $1.75.

Canaan Stock Down 8.2%

Shares of NASDAQ CAN traded down $0.02 during mid-day trading on Thursday, reaching $0.23. 8,819,833 shares of the company traded hands, compared to its average volume of 10,650,802. The company’s fifty day moving average is $0.32 and its two-hundred day moving average is $0.36. 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 has a fifty-two week low of $0.15 and a fifty-two week high of $2.22. The stock has a market cap of $165.80 million, a PE ratio of -0.53 and a beta of 2.63.

Canaan (NASDAQ:CAN) last posted its earnings results on Saturday, August 15th. The company reported ($0.14) earnings per share for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%. The company had revenue of $31.86 million during the quarter. On average, analysts expect that Canaan will post -0.39 earnings per share for the current year.

Institutional Trading of Canaan

A hedge fund recently bought a new stake in Canaan stock. SG Americas Securities LLC bought a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 100,000 shares of the company’s stock, valued at approximately $43,000. Institutional investors own 70.14% of the company’s stock.

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.