Canaan (NASDAQ:CAN) Downgraded to “Sell” Rating by Wall Street Zen

Canaan (NASDAQ:CAN) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other equities research analysts also recently weighed in on CAN. Benchmark lifted their price target on shares of Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $4.00 target price on shares of Canaan in a research report on Thursday. Northland Securities set a $1.75 target price on Canaan in a report on Friday, October 3rd. Finally, BTIG Research restated a “buy” rating on shares of Canaan in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.96.

Canaan Trading Down 3.8%

Shares of Canaan stock opened at $0.79 on Friday. The business has a 50-day moving average price of $0.87 and a two-hundred day moving average price of $0.94. Canaan has a 1-year low of $0.53 and a 1-year high of $2.39. The company has a market cap of $294.14 million, a P/E ratio of -1.16 and a beta of 2.88.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. During the same quarter last year, the firm posted ($0.01) EPS. Equities research analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Canaan announced that its board has approved a share repurchase plan on Wednesday, December 17th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Canaan

Several institutional investors have recently made changes to their positions in CAN. SBI Securities Co. Ltd. raised its holdings in shares of Canaan by 32.1% in the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after purchasing an additional 49,206 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Canaan during the second quarter worth about $355,000. Finally, Goldman Sachs Group Inc. grew its position in Canaan by 52.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Company 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.