Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives $2.96 Consensus Price Target from Brokerages

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have earned an average recommendation of “Moderate Buy” from the ten analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $2.9643.

CAN has been the topic of several analyst reports. BTIG Research assumed coverage on Canaan in a report on Monday, December 8th. They set a “buy” rating and a $3.00 price objective on the stock. Compass Point started coverage on Canaan in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Northland Securities set a $1.75 price objective on shares of Canaan in a research note on Friday, October 3rd. B. Riley cut their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a report on Friday, November 21st. Finally, Benchmark upped their price target on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the second quarter worth $355,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Canaan by 15.4% during 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 purchasing an additional 525,772 shares during the period. Invesco Ltd. boosted its position in 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 purchasing an additional 7,093,743 shares during the period. GMT Capital Corp acquired a new stake in Canaan in the 1st quarter valued at $86,000. Finally, Goldman Sachs Group Inc. raised its position in Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Performance

Canaan stock opened at $0.82 on Wednesday. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $2.47. The company has a market capitalization of $306.67 million, a price-to-earnings ratio of -1.21 and a beta of 2.87. The stock has a fifty day moving average of $1.18 and a two-hundred day moving average of $0.92.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.The firm had revenue of $21.17 million during the quarter, compared to analysts’ expectations of $18.26 million. During the same quarter last year, the business posted ($0.01) EPS. On average, analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Canaan announced that its board has approved a share repurchase program on Wednesday, December 17th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Canaan Company Profile

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.