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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been given an average rating of “Moderate Buy” by the eight brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $2.0083.

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

Hedge Funds Weigh In On Canaan

A number of large investors have recently bought and sold shares of CAN. Goldman Sachs Group Inc. grew its holdings in Canaan by 52.0% in 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 period. SBI Securities Co. Ltd. grew its stake in Canaan by 155.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after acquiring an additional 1,034,040 shares during the period. Virtu Financial LLC purchased a new stake in Canaan in the 4th quarter worth $46,000. Finally, SG Americas Securities LLC acquired a new position in Canaan during the first quarter worth $43,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Down 1.2%

CAN stock opened at $0.20 on Thursday. The stock has a market capitalization of $141.16 million, a PE ratio of -0.58 and a beta of 2.62. Canaan has a 52 week low of $0.15 and a 52 week high of $2.22. The company has a quick ratio of 2.04, a current ratio of 3.34 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average of $0.30 and a 200 day moving average of $0.44.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Tuesday, May 19th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Canaan had a negative return on equity of 55.84% and a negative net margin of 41.71%.The company had revenue of $62.69 million for the quarter, compared to analyst estimates of $9.50 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. Sell-side analysts forecast that Canaan will post -0.15 earnings per share 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.