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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have earned an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $2.9643.

A number of brokerages have issued reports on CAN. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Compass Point initiated coverage on Canaan in a research report on Monday, September 15th. They set a “buy” rating for the company. B. Riley dropped their target price on Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research report on Friday, November 21st. Northland Securities set a $1.75 price target on Canaan in a research note on Friday, October 3rd. Finally, Benchmark boosted their price target on Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd.

Canaan Trading Down 2.5%

Shares of NASDAQ CAN opened at $0.79 on Friday. Canaan has a one year low of $0.53 and a one year high of $2.39. The business has a 50-day moving average price of $0.91 and a two-hundred day moving average price of $0.93. The firm has a market capitalization of $294.59 million, a PE ratio of -1.16 and a beta of 2.88.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $21.17 million for the quarter, compared to the consensus estimate 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) EPS. Research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan declared that its board has approved a stock buyback program on Wednesday, December 17th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Canaan

Several large investors have recently made changes to their positions in CAN. SBI Securities Co. Ltd. raised its stake in shares of 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 acquiring an additional 49,206 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the second quarter worth $355,000. Goldman Sachs Group Inc. boosted its holdings in shares of Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after buying an additional 200,869 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Canaan by 15.4% in the 1st 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 during the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

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.