Benchmark Cuts Canaan (NASDAQ:CAN) Price Target to $2.00

Canaan (NASDAQ:CAN) had its target price cut by Benchmark from $4.00 to $2.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the company. Rosenblatt Securities lowered their price objective on Canaan from $4.00 to $2.50 and set a “buy” rating for the company in a research report on Monday, February 9th. BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Wednesday. Wall Street Zen downgraded Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, January 21st. Finally, B. Riley Financial lowered their target price on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a research note on Friday, November 21st. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2.25.

Canaan Price Performance

Canaan stock opened at $0.49 on Wednesday. The company has a current ratio of 3.31, a quick ratio of 1.13 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $0.74 and a 200 day moving average price of $0.92. Canaan has a 12-month low of $0.47 and a 12-month high of $2.22. The stock has a market cap of $182.72 million, a P/E ratio of -1.02 and a beta of 2.85.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The firm had revenue of $196.27 million during the quarter, compared to analyst estimates of $25.30 million. Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. Sell-side analysts anticipate that Canaan will post -0.74 earnings per share for the current year.

Canaan declared that its Board of Directors has approved a share repurchase plan on Wednesday, December 17th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Canaan

Institutional investors and hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. boosted its stake in shares of Canaan by 155.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after purchasing an additional 1,034,040 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Canaan by 135.5% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after buying an additional 777,019 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted 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 valued at $516,000 after buying an additional 200,869 shares during the period. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.