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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been assigned an average rating of “Moderate Buy” from the nine ratings firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $2.1667.

A number of research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $1.50 price objective on shares of Canaan in a report on Wednesday, February 11th. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Benchmark dropped their price target on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Wednesday, February 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently made changes to their positions in CAN. SBI Securities Co. Ltd. raised its position in shares of Canaan by 155.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock worth $1,172,000 after acquiring an additional 1,034,040 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after acquiring an additional 777,019 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings 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 acquiring an additional 200,869 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Canaan during the 4th quarter valued at approximately $46,000. Institutional investors own 70.14% of the company’s stock.

Canaan Price Performance

Shares of CAN opened at $0.42 on Friday. Canaan has a 12-month low of $0.39 and a 12-month high of $2.22. The business has a 50-day simple moving average of $0.52 and a two-hundred day simple moving average of $0.86. The company has a quick ratio of 1.93, a current ratio of 3.31 and a debt-to-equity ratio of 0.06. The stock has a market cap of $156.06 million, a PE ratio of -0.87 and a beta of 2.46.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Wednesday, February 11th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The firm had revenue of $196.27 million for the quarter, compared to analyst estimates of $25.30 million. Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. Analysts anticipate that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan declared that its Board of Directors has initiated a stock buyback program on Wednesday, December 17th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.