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

Zacks Research cut shares of Canaan (NASDAQ:CAN) from a hold rating to a strong sell rating in a report released on Thursday,Zacks reports.

Other analysts also recently issued research reports about the stock. Rosenblatt Securities restated a “buy” rating and set a $0.75 price target on shares of Canaan in a report on Tuesday, September 15th. JonesTrading raised shares of Canaan to a “strong-buy” rating in a research report on Saturday, September 26th. B. Riley Financial decreased their price objective on Canaan from $2.00 to $1.50 and set a “buy” rating on the stock in a report on Thursday, October 1st. Finally, Weiss Ratings upgraded Canaan from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. One investment 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1.75.

Canaan Trading Down 8.2%

Shares of NASDAQ CAN traded down $0.02 during trading on Thursday, hitting $0.23. 8,819,833 shares of the company were exchanged, compared to its average volume of 10,650,802. The company has a fifty day moving average price of $0.32 and a 200-day moving average price of $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. The firm has a market capitalization of $165.80 million, a PE ratio of -0.53 and a beta of 2.63. Canaan has a 12-month low of $0.15 and a 12-month high of $2.22.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Saturday, August 15th. The company reported ($0.14) earnings per share (EPS) for the quarter. The firm had revenue of $31.86 million during the quarter. Canaan had a negative net margin of 67.78% and a negative return on equity of 77.73%. As a group, equities research analysts expect that Canaan will post -0.39 EPS for the current year.

Hedge Funds Weigh In On Canaan

An institutional investor recently bought a new stake in Canaan stock. SG Americas Securities LLC purchased a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 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 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.