Canaan Inc. Sponsored ADR (NASDAQ:CAN) Given Average Rating of “Moderate Buy” by Brokerages

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $2.0083.

A number of research firms have recently weighed in on CAN. BTIG Research reiterated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Tuesday, May 19th. Wall Street Zen upgraded Canaan to a “sell” rating in a research report on Saturday, April 18th. Rosenblatt Securities cut their target price on Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a research report on Wednesday, May 20th. Finally, Weiss Ratings downgraded Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 19th.

Institutional Trading of Canaan

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in shares of Canaan during the 1st quarter valued at $43,000. Virtu Financial LLC bought a new stake in shares of Canaan during the 4th quarter valued at $46,000. Goldman Sachs Group Inc. lifted its position in shares of Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after acquiring an additional 200,869 shares during the period. Finally, SBI Securities Co. Ltd. lifted its position in shares of Canaan by 155.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock worth $1,172,000 after buying an additional 1,034,040 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors.

Canaan Stock Down 1.9%

NASDAQ CAN opened at $0.34 on Wednesday. The company has a current ratio of 3.34, a quick ratio of 2.04 and a debt-to-equity ratio of 0.09. The company has a market cap of $246.88 million, a price-to-earnings ratio of -1.01 and a beta of 2.53. The company has a 50 day moving average of $0.45 and a 200-day moving average of $0.58. Canaan has a 1-year low of $0.31 and a 1-year high of $2.22.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Tuesday, May 19th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). Canaan had a negative return on equity of 55.84% and a negative net margin of 41.71%.The company had revenue of $62.69 million for the quarter, compared to analyst estimates of $9.50 million. During the same period in the prior year, the company earned ($0.02) EPS. On average, equities research analysts expect that Canaan will post -0.15 earnings per share for the current fiscal year.

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.