Benchmark Boosts Canaan (NASDAQ:CAN) Price Target to $4.00

Canaan (NASDAQ:CAN) had its target price increased by analysts at Benchmark from $2.00 to $4.00 in a note issued to investors on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 111.64% from the company’s previous close.

CAN has been the subject of a number of other reports. B. Riley reiterated a “buy” rating on shares of Canaan in a report on Wednesday. Northland Securities set a $1.75 target price on shares of Canaan in a report on Friday, October 3rd. Compass Point initiated coverage on shares of Canaan in a report on Monday, September 15th. They set a “buy” rating for the company. Zacks Research upgraded shares of Canaan from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 20th. Finally, Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.61.

Canaan Stock Performance

NASDAQ CAN opened at $1.89 on Thursday. The company has a 50-day simple moving average of $1.04 and a two-hundred day simple moving average of $0.83. The company has a quick ratio of 1.32, a current ratio of 1.78 and a debt-to-equity ratio of 0.07. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27. The firm has a market cap of $704.78 million, a price-to-earnings ratio of -2.10 and a beta of 3.49.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. The business had revenue of $13.95 million during the quarter, compared to analyst estimates of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. On average, equities analysts forecast that Canaan will post -0.74 EPS for the current year.

Hedge Funds Weigh In On Canaan

Institutional investors have recently bought and sold shares of the stock. GMT Capital Corp bought a new position in Canaan in the first quarter worth about $86,000. SBI Securities Co. Ltd. raised its stake in Canaan by 280.2% in the first quarter. SBI Securities Co. Ltd. now owns 153,399 shares of the company’s stock worth $135,000 after buying an additional 113,049 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Canaan during the first quarter valued at approximately $320,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Canaan during the second quarter valued at approximately $355,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares in the last quarter. 70.14% of the stock is owned by institutional investors.

Canaan Company Profile

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.