Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $2.9643.

CAN has been the subject of a number of recent analyst reports. BTIG Research reiterated a “buy” rating on shares of Canaan in a research report on Friday, January 16th. Wall Street Zen lowered Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, January 21st. B. Riley cut their price target on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. Finally, Benchmark increased their price target on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd.

Institutional Trading of Canaan

Several hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. boosted its holdings in 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 period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan in the 2nd quarter valued at about $355,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Canaan by 52.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after buying an additional 200,869 shares during the period. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Performance

NASDAQ CAN opened at $0.58 on Thursday. The stock has a 50-day simple moving average of $0.80 and a two-hundred day simple moving average of $0.93. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $2.22. The firm has a market capitalization of $215.13 million, a P/E ratio of -0.85 and a beta of 2.85.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $21.17 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted ($0.01) earnings per share. As a group, analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Canaan announced that its board has initiated a share buyback program on Wednesday, December 17th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.