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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $1.92.

A number of equities research analysts recently weighed in on CAN shares. Rosenblatt Securities restated a “buy” rating and set a $0.75 price objective on shares of Canaan in a research report on Tuesday, September 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canaan in a research note on Friday, August 14th.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $0.39 on Friday. The company has a market cap of $281.54 million, a price-to-earnings ratio of -0.89 and a beta of 2.72. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.86 and a quick ratio of 1.67. The firm has a 50 day simple moving average of $0.29 and a 200 day simple moving average of $0.37. Canaan has a one year low of $0.15 and a one year high of $2.22.

Canaan (NASDAQ:CAN) last posted its earnings results on Saturday, August 15th. The company reported ($0.14) earnings per share for the quarter. The company had revenue of $31.86 million for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%.

Institutional Investors Weigh In On Canaan

A hedge fund recently bought a new position in Canaan stock. SG Americas Securities LLC purchased a new stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $43,000. 70.14% of the stock is owned by institutional investors and hedge funds.

Canaan Company Profile

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company’s best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan’s proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.