B. Riley Financial Cuts Canaan (NASDAQ:CAN) Price Target to $1.50

Canaan (NASDAQ:CAN) had its target price cut by analysts at B. Riley Financial from $2.00 to $1.50 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley Financial’s price target indicates a potential upside of 334.78% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Rosenblatt Securities reissued a “buy” rating and set a $0.75 target price on shares of Canaan in a report on Tuesday, September 15th. JonesTrading upgraded Canaan to a “strong-buy” rating in a research report on Saturday, September 26th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Canaan in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1.75.

Canaan Stock Down 7.4%

Canaan stock opened at $0.34 on Thursday. The company has a quick ratio of 1.67, a current ratio of 2.86 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $247.09 million, a P/E ratio of -0.78 and a beta of 2.72. The firm has a 50 day moving average price of $0.30 and a 200-day moving average price of $0.37. Canaan has a twelve month low of $0.15 and a twelve month high of $2.22.

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

Hedge Funds Weigh In On Canaan

An institutional investor recently bought a new stake in Canaan stock. SG Americas Securities LLC acquired a new stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $43,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

About Canaan

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.