Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives $2.96 Average Target Price from Analysts

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have received a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $2.9643.

Several equities research analysts have commented on the stock. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price target on shares of Canaan in a research report on Thursday. BTIG Research reissued a “buy” rating on shares of Canaan in a report on Friday. Finally, B. Riley reduced their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a report on Friday, November 21st.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CAN. SBI Securities Co. Ltd. boosted its stake in shares of Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after acquiring an additional 49,206 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 valued at $516,000 after purchasing an additional 200,869 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Canaan by 15.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock valued at $3,460,000 after purchasing an additional 525,772 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan during the 2nd quarter worth about $355,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Trading Down 3.8%

CAN traded down $0.03 during trading on Friday, reaching $0.79. 38,368,978 shares of the company were exchanged, compared to its average volume of 15,908,395. The stock has a market cap of $294.14 million, a P/E ratio of -1.16 and a beta of 2.88. The firm has a 50 day moving average of $0.87 and a 200 day moving average of $0.94. Canaan has a 52 week low of $0.53 and a 52 week high of $2.39.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. The company had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. As a group, analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan declared that its board has authorized a stock buyback plan on Wednesday, December 17th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.