Canaan (NASDAQ:CAN) Stock Rating Lowered by Wall Street Zen

Canaan (NASDAQ:CAN) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Sunday.

Several other research firms also recently weighed in on CAN. BTIG Research restated a “buy” rating and issued a $8.00 target price on shares of Canaan in a research report on Tuesday, October 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price objective on shares of Canaan in a research report on Monday, October 13th. B. Riley reduced their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, July 10th. Finally, Northland Securities set a $1.75 price objective on Canaan in a research report on Friday, October 3rd. Six research 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.32.

Canaan Stock Performance

NASDAQ CAN opened at $1.60 on Friday. The company has a market cap of $596.64 million, a PE ratio of -1.78 and a beta of 3.49. The stock’s 50 day simple moving average is $0.93 and its 200-day simple moving average is $0.79. Canaan has a 1-year low of $0.53 and a 1-year high of $3.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.78 and a quick ratio of 1.32.

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

Institutional Investors Weigh In On Canaan

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. grew its stake in shares of Canaan by 5,016.8% in the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after buying an additional 7,093,743 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Canaan by 15.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock valued at $3,460,000 after buying an additional 525,772 shares in the last quarter. Baader Bank Aktiengesellschaft grew its stake in shares of Canaan by 82.6% in the first quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company’s stock valued at $2,089,000 after buying an additional 1,078,537 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Canaan by 53.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company’s stock valued at $670,000 after buying an additional 267,322 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew 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 buying an additional 200,869 shares in the last quarter. Hedge funds and other institutional investors 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.