Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives $2.01 Average Target Price from Analysts

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has received an average recommendation of “Moderate Buy” from the eight analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $2.0083.

A number of brokerages have weighed in on CAN. Wall Street Zen raised Canaan to a “sell” rating in a research report on Saturday, April 18th. Weiss Ratings cut Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 19th. Rosenblatt Securities reduced their target price on Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Finally, BTIG Research reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Tuesday, May 19th.

Canaan Stock Performance

Shares of CAN stock opened at $0.28 on Friday. The company has a fifty day moving average price of $0.36 and a two-hundred day moving average price of $0.50. Canaan has a one year low of $0.26 and a one year high of $2.22. The stock has a market cap of $197.82 million, a P/E ratio of -0.81 and a beta of 2.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.34 and a quick ratio of 2.04.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Tuesday, May 19th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Canaan had a negative return on equity of 55.84% and a negative net margin of 41.71%.The firm had revenue of $62.69 million for the quarter, compared to analyst estimates of $9.50 million. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. As a group, equities analysts predict that Canaan will post -0.15 EPS for the current year.

Hedge Funds Weigh In On Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new position in shares of Canaan in the fourth quarter valued at about $46,000. SG Americas Securities LLC acquired a new position in Canaan in the 1st quarter valued at about $43,000. Goldman Sachs Group Inc. grew its stake in Canaan by 52.0% in the 1st 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 during the last quarter. Finally, SBI Securities Co. Ltd. raised its holdings in Canaan by 155.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after acquiring an additional 1,034,040 shares during the period. 70.14% of the stock is owned by institutional investors.

About Canaan

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.