BTIG Research Reiterates “Buy” Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating restated by investment analysts at BTIG Research in a report released on Tuesday,Benzinga reports. They currently have a $3.00 price objective on the stock.

Several other equities research analysts also recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a research note on Monday, April 20th. HC Wainwright restated a “buy” rating and set a $1.50 target price on shares of Canaan in a report on Wednesday, February 11th. Wall Street Zen raised shares of Canaan to a “sell” rating in a research report on Saturday, April 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $2.25 price target on shares of Canaan in a report on Monday, March 16th. Finally, Benchmark cut their price objective on Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2.17.

Canaan Trading Down 12.8%

CAN stock traded down $0.06 during trading on Tuesday, reaching $0.42. 7,686,256 shares of the stock traded hands, compared to its average volume of 12,966,799. The firm has a market capitalization of $301.52 million, a PE ratio of -0.87 and a beta of 2.65. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.31 and a quick ratio of 1.93. The business’s 50 day moving average price is $0.48 and its 200-day moving average price is $0.69. Canaan has a 52-week low of $0.39 and a 52-week high of $2.22.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Tuesday, May 19th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. The firm had revenue of $62.69 million during the quarter, compared to analyst estimates of $9.52 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. As a group, sell-side analysts forecast that Canaan will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its stake 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 purchasing an additional 200,869 shares during the period. SBI Securities Co. Ltd. increased its stake in Canaan by 228.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock worth $586,000 after buying an additional 462,240 shares during the period. Virtu Financial LLC acquired a new position in Canaan in the 4th quarter worth $46,000. Finally, SG Americas Securities LLC purchased a new position in Canaan in the 1st quarter valued at about $43,000. 70.14% of the stock is owned by institutional investors and hedge funds.

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.