Canaan (NASDAQ:CAN) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen lowered shares of Canaan (NASDAQ:CAN) from a hold rating to a sell rating in a report published on Friday morning.

CAN has been the topic of a number of other research reports. Northland Securities set a $1.75 price objective on Canaan in a research note on Friday. Northland Capmk raised shares of Canaan to a “hold” rating in a research note on Wednesday, June 18th. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price target on shares of Canaan in a report on Friday, September 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Saturday, September 27th. Finally, Compass Point started coverage on shares of Canaan in a research report on Monday, September 15th. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Canaan currently has a consensus rating of “Hold” and a consensus price target of $2.54.

Canaan Stock Down 0.8%

Shares of NASDAQ:CAN opened at $1.31 on Friday. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $3.27. The company has a quick ratio of 1.32, a current ratio of 1.78 and a debt-to-equity ratio of 0.07. The firm’s 50-day simple moving average is $0.77 and its 200-day simple moving average is $0.75. The company has a market cap of $488.50 million, a price-to-earnings ratio of -1.46 and a beta of 3.49.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. The business had revenue of $13.95 million for the quarter, compared to analysts’ expectations of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. As a group, equities research analysts predict that Canaan will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in shares of Canaan during the fourth quarter worth approximately $48,000. GMT Capital Corp acquired a new stake in Canaan in the 1st quarter valued at approximately $86,000. SBI Securities Co. Ltd. raised its stake in Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after acquiring an additional 49,206 shares in the last quarter. Virtu Financial LLC bought a new stake in Canaan during the 1st quarter valued at $320,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the 2nd quarter worth $355,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.