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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been given a consensus recommendation of “Moderate Buy” by the eight analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $2.0083.

A number of research firms have commented on CAN. Rosenblatt Securities reduced their price target on shares of Canaan from $2.25 to $1.30 and set a “buy” rating on the stock in a research report on Wednesday, May 20th. BTIG Research reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Tuesday, May 19th. Wall Street Zen upgraded Canaan to a “sell” rating in a report on Saturday, April 18th. Finally, Weiss Ratings lowered Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 19th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of Canaan in the 1st quarter valued at approximately $43,000. Virtu Financial LLC acquired a new position in shares of Canaan during the fourth quarter worth about $46,000. Goldman Sachs Group Inc. boosted its position in shares of Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after buying an additional 200,869 shares during the period. Finally, SBI Securities Co. Ltd. grew its holdings in shares of Canaan by 155.5% during 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. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Price Performance

Shares of CAN traded down $0.00 during mid-day trading on Friday, reaching $0.31. The company had a trading volume of 3,672,768 shares, compared to its average volume of 10,499,708. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.34 and a quick ratio of 2.04. The company has a market capitalization of $220.95 million, a P/E ratio of -0.91 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’s 50-day moving average is $0.38 and its 200-day moving average is $0.51.

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