B. Riley Cuts Canaan (NASDAQ:CAN) Price Target to $2.50

Canaan (NASDAQ:CAN) had its price objective reduced by B. Riley from $3.00 to $2.50 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. BTIG Research reissued a “buy” rating and set a $8.00 price objective on shares of Canaan in a research report on Tuesday, October 14th. Zacks Research upgraded shares of Canaan from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 20th. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $4.00 price target on shares of Canaan in a research report on Wednesday, November 19th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.68.

Canaan Trading Down 1.5%

Shares of NASDAQ CAN opened at $0.91 on Friday. The firm has a fifty day simple moving average of $1.21 and a two-hundred day simple moving average of $0.89. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The firm has a market capitalization of $339.15 million, a PE ratio of -1.34 and a beta of 3.61.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. The company had revenue of $21.17 million for the quarter, compared to analysts’ expectations of $18.26 million. During the same quarter in the previous year, the company earned ($0.01) earnings per share. Canaan has set its Q4 2025 guidance at EPS. On average, sell-side analysts predict that Canaan will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

Hedge funds have recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Canaan during the 2nd quarter valued at $355,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Canaan by 15.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock worth $3,460,000 after purchasing an additional 525,772 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Canaan by 5,016.8% during the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after purchasing an additional 7,093,743 shares in the last quarter. GMT Capital Corp purchased a new stake in shares of Canaan during the first quarter valued at $86,000. Finally, Virtu Financial LLC bought a new stake in Canaan in the 1st quarter worth about $320,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.