Canaan Inc. Sponsored ADR (CAN) – What Are Analysts Thinking About This Stock?

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been assigned an average rating of “Moderate Buy” from the eight brokerages that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $1.35.

A number of research analysts have commented on the company. JonesTrading raised Canaan to a “strong-buy” rating in a research report on Saturday, September 26th. Zacks Research cut shares of Canaan from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Rosenblatt Securities restated a “buy” rating and issued a $0.75 price objective on shares of Canaan in a report on Tuesday, September 15th. BTIG Research cut their target price on shares of Canaan from $2.00 to $1.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, B. Riley Financial reduced their price target on shares of Canaan from $2.00 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, October 1st.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Canaan stock. Vontobel Holding Ltd. acquired a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 423,658 shares of the company’s stock, valued at approximately $146,000. Vontobel Holding Ltd. owned approximately 0.06% of Canaan at the end of the most recent quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Price Performance

Shares of CAN stock traded down $0.01 during trading on Friday, hitting $0.15. The company had a trading volume of 16,045,623 shares, compared to its average volume of 7,441,412. The company has a quick ratio of 1.67, a current ratio of 2.50 and a debt-to-equity ratio of 0.03. The stock’s 50-day moving average is $0.28 and its two-hundred day moving average is $0.37. The stock has a market capitalization of $110.94 million, a price-to-earnings ratio of -0.41 and a beta of 2.56. Canaan has a 52 week low of $0.14 and a 52 week high of $1.11.

Canaan shares are set to reverse split on the morning of Friday, December 4th. The 1-25 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, December 3rd.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Tuesday, November 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. Canaan had a negative return on equity of 71.94% and a negative net margin of 86.26%. The firm had revenue of $14.54 million during the quarter, compared to analyst estimates of $2.05 million. During the same quarter in the previous year, the company posted ($0.00) earnings per share. As a group, analysts predict that Canaan will post -0.35 EPS for the current fiscal year.

About Canaan

Canaan Inc. is a technology company that designs and sells application-specific integrated circuit (ASIC) chips and hardware for cryptocurrency mining. Its products include the Avalon series of Bitcoin mining machines, which combine the company’s chips with systems for mining digital currencies. Founded in 2013, Canaan developed the AvalonMiner, an early ASIC-based Bitcoin mining machine. In addition to selling mining equipment and related products, the company has engaged in Bitcoin mining operations.