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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $2.0083.

CAN has been the subject of several analyst reports. Wall Street Zen raised shares of Canaan to a “sell” rating in a report on Saturday, April 18th. Rosenblatt Securities lowered their target price on shares of Canaan from $2.25 to $1.30 and set a “buy” rating on the stock in a report on Wednesday, May 20th. BTIG Research restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Tuesday, May 19th. Finally, Weiss Ratings lowered Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 19th.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $0.27 on Friday. The company has a quick ratio of 2.04, a current ratio of 3.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $193.59 million, a PE ratio of -0.79 and a beta of 2.57. Canaan has a twelve month low of $0.26 and a twelve month high of $2.22. The company has a 50-day moving average price of $0.36 and a two-hundred day moving average price of $0.49.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Tuesday, May 19th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The business had revenue of $62.69 million during the quarter, compared to the consensus estimate of $9.50 million. Canaan had a negative net margin of 41.71% and a negative return on equity of 55.84%. During the same period last year, the firm earned ($0.02) EPS. Equities analysts forecast that Canaan will post -0.15 EPS for the current year.

Institutional Trading of Canaan

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its holdings in 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 buying an additional 200,869 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings 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 worth $1,172,000 after buying an additional 1,034,040 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Canaan in the fourth quarter worth about $46,000. Finally, SG Americas Securities LLC bought a new position in shares of Canaan in the first quarter valued at approximately $43,000. Hedge funds and other institutional investors 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.