Canaan Inc. Sponsored ADR $CAN Shares Purchased by SBI Securities Co. Ltd.

SBI Securities Co. Ltd. raised its position in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) by 155.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,698,885 shares of the company’s stock after purchasing an additional 1,034,040 shares during the quarter. SBI Securities Co. Ltd. owned about 0.46% of Canaan worth $1,172,000 as of its most recent SEC filing.

Separately, Goldman Sachs Group Inc. grew its holdings in shares of Canaan by 52.0% in the 1st 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 during the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CAN shares. BTIG Research reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research report on Monday, April 20th. Benchmark lowered their price target on shares of Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.25 target price on shares of Canaan in a research report on Monday, March 16th. Finally, HC Wainwright restated a “buy” rating and set a $1.50 price target on shares of Canaan in a research note on Wednesday, February 11th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2.17.

Canaan Trading Down 7.0%

Shares of CAN opened at $0.52 on Friday. The firm has a market capitalization of $368.85 million, a price-to-earnings ratio of -1.07 and a beta of 2.65. The company has a quick ratio of 1.93, a current ratio of 3.31 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $0.48 and its 200 day moving average price is $0.75. Canaan Inc. Sponsored ADR has a 12-month low of $0.39 and a 12-month high of $2.22.

Canaan (NASDAQ:CAN) last issued its earnings results on Wednesday, February 11th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. The business had revenue of $196.27 million for the quarter, compared to analyst estimates of $25.30 million. As a group, research analysts predict that Canaan Inc. Sponsored ADR will post -0.2 earnings per share for the current year.

Canaan 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.