Analysts Set Canaan Inc. Sponsored ADR (NASDAQ:CAN) Target Price at $2.21

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $2.2143.

Several research analysts recently commented on CAN shares. B. Riley Financial cut their price target on Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, January 21st. BTIG Research reiterated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Wednesday, February 11th. Wall Street Zen downgraded shares of Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Finally, Benchmark dropped their price target on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently modified their holdings of the stock. Virtu Financial LLC acquired a new position in Canaan in the fourth quarter worth about $46,000. SBI Securities Co. Ltd. raised its stake in Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after buying an additional 49,206 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in 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 last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Canaan by 135.5% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after buying an additional 777,019 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Stock Performance

Canaan stock opened at $0.51 on Monday. Canaan has a 12-month low of $0.43 and a 12-month high of $2.22. 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 company has a market capitalization of $191.71 million, a price-to-earnings ratio of -1.07 and a beta of 2.57. The firm’s fifty day moving average price is $0.63 and its 200 day moving average price is $0.89.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Tuesday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $25.30 million. Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. On average, research analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its Board of Directors has authorized a stock buyback program on Wednesday, December 17th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.