Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives $2.01 Average Price Target from Brokerages

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $2.0083.

A number of research firms recently commented on CAN. Weiss Ratings lowered shares of Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 19th. Wall Street Zen upgraded shares of Canaan to a “sell” rating in a report on Saturday, April 18th. Rosenblatt Securities lowered their price target on shares of Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a report on Wednesday, May 20th. Finally, BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Tuesday, May 19th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CAN. Goldman Sachs Group Inc. raised its holdings in Canaan by 52.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in Canaan by 155.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock worth $1,172,000 after purchasing an additional 1,034,040 shares in the last quarter. Virtu Financial LLC bought a new position in Canaan in the 4th quarter worth $46,000. Finally, SG Americas Securities LLC bought a new position in Canaan in the 1st quarter worth $43,000. 70.14% of the stock is currently owned by institutional investors.

Canaan Trading Down 2.8%

NASDAQ:CAN opened at $0.34 on Wednesday. The company has a fifty day moving average of $0.44 and a 200 day moving average of $0.56. Canaan has a 52 week low of $0.31 and a 52 week high of $2.22. The company has a quick ratio of 2.04, a current ratio of 3.34 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $244.37 million, a P/E ratio of -1.00 and a beta of 2.53.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Tuesday, May 19th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). Canaan had a negative net margin of 41.71% and a negative return on equity of 55.84%. The firm had revenue of $62.69 million for the quarter, compared to the consensus estimate of $9.50 million. During the same quarter in the prior year, the company earned ($0.02) earnings per share. On average, research analysts predict that Canaan will post -0.15 earnings per share for the current year.

About Canaan

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.