SBI Securities Co. Ltd. Has $1.17 Million Stock Holdings in Canaan Inc. Sponsored ADR $CAN

SBI Securities Co. Ltd. raised its position in Canaan Inc. Sponsored ADR (NASDAQ:CAN) by 155.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,698,885 shares of the company’s stock after buying an additional 1,034,040 shares during the quarter. SBI Securities Co. Ltd.’s holdings in Canaan were worth $1,172,000 at the end of the most recent quarter.

Separately, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after acquiring an additional 777,019 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CAN has been the subject of several recent research reports. BTIG Research reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Wednesday, February 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Monday, April 20th. Rosenblatt Securities restated a “buy” rating and issued a $2.25 price objective on shares of Canaan in a report on Monday, March 16th. Benchmark reduced their price objective on shares of Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Finally, Wall Street Zen raised shares of Canaan to a “sell” rating in a report on Saturday, April 18th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Canaan currently has a consensus rating of “Moderate Buy” and a consensus price target of $2.17.

Canaan Stock Down 7.0%

Shares of NASDAQ CAN opened at $0.52 on Friday. The firm has a 50 day moving average price of $0.48 and a 200 day moving average price of $0.75. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.93 and a current ratio of 3.31. The stock has a market cap of $368.85 million, a P/E ratio of -1.07 and a beta of 2.65. Canaan Inc. Sponsored ADR has a 52-week low of $0.39 and a 52-week high of $2.22.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Wednesday, February 11th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%.The firm had revenue of $196.27 million for the quarter, compared to the consensus estimate of $25.30 million. Analysts expect that Canaan Inc. Sponsored ADR will post -0.2 EPS for the current year.

Canaan Profile

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.