Canaan (NASDAQ:CAN) Price Target Raised to $4.00

Canaan (NASDAQ:CAN) had its price objective increased by Benchmark from $2.00 to $4.00 in a research report sent to investors on Thursday, MarketBeat.com reports. Benchmark currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. Compass Point began coverage on Canaan in a research report on Monday, September 15th. They set a “buy” rating on the stock. B. Riley restated a “buy” rating on shares of Canaan in a research report on Wednesday. BTIG Research reiterated a “buy” rating and issued a $8.00 price objective on shares of Canaan in a report on Tuesday, October 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, October 8th. Finally, Zacks Research raised shares of Canaan from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.61.

Canaan Trading Up 7.4%

Shares of Canaan stock opened at $1.89 on Thursday. The company’s 50-day moving average price is $1.04 and its 200-day moving average price is $0.83. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27. The company has a market cap of $704.78 million, a price-to-earnings ratio of -2.10 and a beta of 3.49.

Canaan (NASDAQ:CAN) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) 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 firm had revenue of $13.95 million during the quarter, compared to analyst estimates of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. On average, equities analysts expect that Canaan will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canaan

Institutional investors and hedge funds have recently modified their holdings of the stock. GMT Capital Corp purchased a new stake in shares of Canaan during the first quarter valued at approximately $86,000. SBI Securities Co. Ltd. increased its holdings in shares of Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after purchasing an additional 49,206 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Canaan during the first quarter valued at $320,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan during the 2nd quarter valued at about $355,000. Finally, Goldman Sachs Group Inc. lifted its stake in Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after acquiring an additional 200,869 shares during the period. 70.14% of the stock is currently owned by 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.