Canaan (NASDAQ:CAN) Given “Buy” Rating at BTIG Research

BTIG Research reissued their buy rating on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Wednesday morning,Benzinga reports. BTIG Research currently has a $3.00 target price on the stock.

Several other equities analysts have also recently issued reports on CAN. Wall Street Zen cut Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. HC Wainwright reissued a “buy” rating and set a $1.50 price target on shares of Canaan in a research note on Wednesday. Rosenblatt Securities cut their target price on shares of Canaan from $4.00 to $2.50 and set a “buy” rating for the company in a research report on Monday. Benchmark upped their price target on shares of Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2.25.

Canaan Stock Performance

NASDAQ CAN traded down $0.03 during trading hours on Wednesday, hitting $0.53. The company had a trading volume of 1,999,334 shares, compared to its average volume of 18,516,783. The business has a 50 day moving average of $0.76 and a 200-day moving average of $0.92. The company has a market cap of $198.75 million, a PE ratio of -1.11 and a beta of 2.85. Canaan has a 1-year low of $0.50 and a 1-year high of $2.22.

Canaan (NASDAQ:CAN) last announced its earnings results on Tuesday, February 10th. The company reported ($0.13) earnings per share (EPS) 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 66.53%. Sell-side analysts expect that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its board has initiated a stock buyback program on Wednesday, December 17th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Canaan

Several institutional investors have recently made changes to their positions in CAN. 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 acquiring an additional 49,206 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan during the 2nd quarter valued at $355,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after acquiring an additional 200,869 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.