Canaan (NASDAQ:CAN) Cut to “Strong Sell” at Zacks Research

Canaan (NASDAQ:CAN) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks reports.

A number of other analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Canaan from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. B. Riley Financial lowered their price target on Canaan from $2.00 to $1.50 and set a “buy” rating for the company in a research report on Thursday, October 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $0.75 price objective on shares of Canaan in a report on Tuesday, September 15th. Finally, JonesTrading upgraded Canaan to a “strong-buy” rating in a report on Saturday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1.75.

Canaan Trading Down 8.2%

NASDAQ:CAN traded down $0.02 during trading hours on Thursday, reaching $0.23. The company’s stock had a trading volume of 8,819,833 shares, compared to its average volume of 10,650,802. The firm has a market capitalization of $165.80 million, a price-to-earnings ratio of -0.53 and a beta of 2.63. The firm has a 50-day simple moving average of $0.32 and a 200-day simple moving average of $0.36. Canaan has a 1 year low of $0.15 and a 1 year high of $2.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.67 and a current ratio of 2.86.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Saturday, August 15th. The company reported ($0.14) earnings per share for the quarter. The business had revenue of $31.86 million during the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%. Research analysts expect that Canaan will post -0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

An institutional investor recently bought a new stake in Canaan stock. Vontobel Holding Ltd. purchased a new position in Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 423,658 shares of the company’s stock, valued at approximately $146,000. Vontobel Holding Ltd. owned approximately 0.06% of Canaan at the end of the most recent reporting period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc is a technology company that designs application-specific integrated circuits (ASICs) and computing hardware for blockchain applications, with a primary focus on Bitcoin mining. Its best-known product line is AvalonMiner, a series of specialized cryptocurrency-mining machines designed to deliver high-performance and energy-efficient computing.

The company also develops artificial intelligence and edge-computing solutions through its Kendryte line of processors and related hardware.