Canaan (NASDAQ:CAN) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Canaan (NASDAQ:CAN) from a hold rating to a sell rating in a report issued on Friday.

Several other brokerages have also recently issued reports on CAN. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a report on Saturday, September 27th. B. Riley reduced their price target on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, July 10th. Northland Capmk raised Canaan to a “hold” rating in a report on Wednesday, June 18th. Compass Point assumed coverage on Canaan in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Finally, Northland Securities set a $1.75 target price on shares of Canaan in a report on Friday. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.54.

Canaan Stock Down 0.8%

CAN stock opened at $1.31 on Friday. The company has a market capitalization of $488.50 million, a P/E ratio of -1.46 and a beta of 3.49. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The firm’s fifty day simple moving average is $0.77 and its 200-day simple moving average is $0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.78 and a quick ratio of 1.32.

Canaan (NASDAQ:CAN) last posted its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. The company had revenue of $13.95 million during the quarter, compared to the consensus estimate of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. As a group, equities research analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Institutional Trading of Canaan

A number of institutional investors and hedge funds have recently made changes to their positions in CAN. Invesco Ltd. raised its stake in shares of Canaan by 5,016.8% during the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock worth $6,351,000 after buying an additional 7,093,743 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Canaan by 15.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock worth $3,460,000 after acquiring an additional 525,772 shares in the last quarter. Baader Bank Aktiengesellschaft increased its holdings in Canaan by 82.6% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company’s stock worth $2,089,000 after acquiring an additional 1,078,537 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Canaan by 35.5% during the first quarter. Exchange Traded Concepts LLC now owns 1,855,479 shares of the company’s stock worth $1,629,000 after acquiring an additional 486,139 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Canaan by 53.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company’s stock valued at $670,000 after purchasing an additional 267,322 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.