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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has received an average rating of “Moderate Buy” from the nine brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $2.75.

A number of research analysts recently weighed in on CAN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. B. Riley Financial reduced their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a research note on Friday, November 21st. Rosenblatt Securities decreased their price objective on shares of Canaan from $4.00 to $2.50 and set a “buy” rating for the company in a report on Monday. Finally, BTIG Research reiterated a “buy” rating on shares of Canaan in a report on Friday, January 16th.

Canaan Stock Up 2.8%

Shares of CAN opened at $0.61 on Thursday. The firm has a market cap of $226.24 million, a price-to-earnings ratio of -0.89 and a beta of 2.85. The company’s fifty day moving average is $0.78 and its 200-day moving average is $0.92. Canaan has a 12 month low of $0.50 and a 12 month high of $2.22.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. The firm had revenue of $21.17 million for the quarter, compared to the consensus estimate of $18.26 million. During the same period in the prior year, the business posted ($0.01) earnings per share. As a group, research analysts predict that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, December 17th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CAN. Goldman Sachs Group Inc. boosted its position in shares of 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 period. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the 2nd quarter valued at $355,000. Finally, SBI Securities Co. Ltd. boosted its holdings in Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after purchasing an additional 49,206 shares during the period. 70.14% of the stock is owned by institutional investors.

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.