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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have received an average rating of “Moderate Buy” from the seven research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $2.0083.

A number of analysts have weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Canaan in a research report on Friday, August 14th. Rosenblatt Securities decreased their price objective on Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a report on Wednesday, May 20th. Finally, BTIG Research reiterated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Tuesday, May 19th.

Canaan Stock Performance

Shares of CAN stock opened at $0.38 on Monday. The stock has a market cap of $272.16 million, a P/E ratio of -1.12 and a beta of 2.63. Canaan has a 1 year low of $0.15 and a 1 year high of $2.22. The company has a current ratio of 3.34, a quick ratio of 2.04 and a debt-to-equity ratio of 0.09. The stock has a 50 day simple moving average of $0.28 and a 200 day simple moving average of $0.39.

Hedge Funds Weigh In On Canaan

Several institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. increased its holdings in 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 during the last quarter. Goldman Sachs Group Inc. grew its position in 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 in the last quarter. SG Americas Securities LLC bought a new position in shares of Canaan in the 1st quarter worth $43,000. Finally, Virtu Financial LLC purchased a new position in shares of Canaan during the 4th quarter valued at about $46,000. 70.14% of the stock is owned by institutional investors.

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.