Canaan Inc. Sponsored ADR (NASDAQ:CAN) Given Average Rating of “Moderate Buy” by Analysts

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have earned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $2.25.

A number of equities analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, January 21st. B. Riley Financial cut their target price on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. Benchmark reduced their price target on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. BTIG Research reiterated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Wednesday, February 11th. Finally, HC Wainwright restated a “buy” rating and issued a $1.50 target price on shares of Canaan in a research note on Wednesday, February 11th.

Canaan Stock Performance

Shares of CAN opened at $0.45 on Thursday. The company has a current ratio of 3.31, a quick ratio of 1.93 and a debt-to-equity ratio of 0.06. The firm’s fifty day simple moving average is $0.71 and its two-hundred day simple moving average is $0.91. Canaan has a 12 month low of $0.44 and a 12 month high of $2.22. The stock has a market capitalization of $168.33 million, a P/E ratio of -0.94 and a beta of 2.85.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, February 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. The business had revenue of $196.27 million during the quarter, compared to analyst estimates of $25.30 million. As a group, analysts predict that Canaan will post -0.74 EPS for the current year.

Canaan announced that its Board of Directors has approved a share buyback plan on Wednesday, December 17th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Canaan

Several hedge funds have recently bought and sold shares of CAN. SBI Securities Co. Ltd. raised its holdings in Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after buying an additional 49,206 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the 2nd quarter worth about $355,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of 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 acquiring an additional 200,869 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.