B. Riley Lowers Canaan (NASDAQ:CAN) Price Target to $2.50

Canaan (NASDAQ:CAN) had its price objective dropped by B. Riley from $3.00 to $2.50 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price target would indicate a potential upside of 174.88% from the stock’s current price.

Several other equities research analysts also recently commented on the company. Compass Point initiated coverage on Canaan in a report on Monday, September 15th. They set a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Northland Securities set a $1.75 target price on shares of Canaan in a report on Friday, October 3rd. Benchmark boosted their price target on shares of Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Finally, Zacks Research raised shares of Canaan from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.68.

Canaan Stock Performance

Shares of NASDAQ:CAN opened at $0.91 on Friday. The stock has a market capitalization of $339.15 million, a price-to-earnings ratio of -1.34 and a beta of 3.61. Canaan has a 1-year low of $0.53 and a 1-year high of $3.27. The company has a 50 day moving average price of $1.21 and a 200 day moving average price of $0.89.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $21.17 million for the quarter, compared to analysts’ expectations of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same quarter in the prior year, the company earned ($0.01) earnings per share. Canaan has set its Q4 2025 guidance at EPS. On average, sell-side analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CAN. Invesco Ltd. increased its stake in Canaan by 5,016.8% in the 1st 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 during the period. Baader Bank Aktiengesellschaft grew its holdings in shares of Canaan by 82.6% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company’s stock valued at $2,089,000 after acquiring an additional 1,078,537 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after acquiring an additional 777,019 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 worth $3,460,000 after acquiring an additional 525,772 shares during the last quarter. Finally, SBI Securities Co. Ltd. raised its holdings in shares of Canaan by 228.1% during the third quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock worth $586,000 after acquiring an additional 462,240 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.