Brokerages Set Canaan Inc. Sponsored ADR (NASDAQ:CAN) PT at $2.25

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been given an average rating of “Moderate Buy” by the nine brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $2.25.

Several analysts recently commented on CAN shares. HC Wainwright reaffirmed a “buy” rating and set a $1.50 price objective on shares of Canaan in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, January 21st. Rosenblatt Securities decreased their price objective on Canaan from $4.00 to $2.50 and set a “buy” rating for the company in a research report on Monday, February 9th. Wall Street Zen cut Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Finally, Benchmark dropped their target price on shares of Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday.

Institutional Investors Weigh In On Canaan

Several institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. boosted its position in Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after acquiring an additional 49,206 shares during the last quarter. Goldman Sachs Group Inc. lifted its position 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 worth $516,000 after purchasing an additional 200,869 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the second quarter worth $355,000. Institutional investors own 70.14% of the company’s stock.

Canaan Trading Down 2.1%

Canaan stock opened at $0.49 on Thursday. The firm has a market capitalization of $182.72 million, a PE ratio of -1.02 and a beta of 2.85. Canaan has a 52 week low of $0.47 and a 52 week high of $2.22. The business’s 50-day simple moving average is $0.74 and its 200-day simple moving average is $0.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.13 and a current ratio of 3.31.

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

Canaan announced that its board has initiated a stock buyback plan on Wednesday, December 17th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is 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.