Analysts Set Canaan Inc. Sponsored ADR (NASDAQ:CAN) Target Price at $2.25

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have received an average rating of “Moderate Buy” from the nine brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $2.25.

Several research firms have issued reports on CAN. Benchmark decreased their target price on shares of Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Wall Street Zen cut shares of Canaan from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. BTIG Research restated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Wednesday, February 11th. Rosenblatt Securities cut their price target on Canaan from $4.00 to $2.50 and set a “buy” rating for the company in a research note on Monday, February 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $1.50 target price on shares of Canaan in a research note on Wednesday, February 11th.

Canaan Stock Down 2.1%

Shares of NASDAQ:CAN opened at $0.49 on Thursday. Canaan has a 1 year low of $0.47 and a 1 year high of $2.22. The firm’s 50-day moving average is $0.73 and its two-hundred day moving average is $0.92. The firm has a market capitalization of $182.72 million, a PE ratio of -1.02 and a beta of 2.85. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.31 and a quick ratio of 1.93.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates 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%. Analysts predict that Canaan will post -0.74 EPS for the current year.

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

Hedge Funds Weigh In On Canaan

Institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Canaan by 52.0% during the first 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 in the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Canaan during the second quarter valued at approximately $355,000. Finally, SBI Securities Co. Ltd. boosted its position in shares of Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after buying an additional 49,206 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

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.