Canaan (NASDAQ:CAN) Given New $2.50 Price Target at B. Riley

Canaan (NASDAQ:CAN) had its price target reduced by B. Riley from $3.00 to $2.50 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

CAN has been the subject of a number of other research reports. Benchmark boosted their price target on Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Northland Securities set a $1.75 price objective on shares of Canaan in a report on Friday, October 3rd. Zacks Research upgraded shares of Canaan from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $3.68.

Canaan Trading Down 1.5%

CAN traded down $0.01 during trading on Friday, reaching $0.91. 27,557,899 shares of the company were exchanged, compared to its average volume of 45,561,780. The stock has a market cap of $339.15 million, a P/E ratio of -1.34 and a beta of 3.61. Canaan has a 52 week low of $0.53 and a 52 week high of $3.27. The firm has a 50 day moving average of $1.21 and a 200 day moving average of $0.89.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. The business had revenue of $21.17 million for the quarter, compared to analysts’ expectations of $18.26 million. During the same quarter last year, the company earned ($0.01) EPS. Canaan has set its Q4 2025 guidance at EPS. As a group, analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canaan

Institutional investors have recently bought and sold shares of the stock. GMT Capital Corp purchased a new stake in Canaan during the first quarter valued at about $86,000. SBI Securities Co. Ltd. boosted its stake in Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after purchasing an additional 49,206 shares during the period. Virtu Financial LLC acquired a new stake in shares of Canaan in the first quarter worth $320,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Canaan during the second quarter valued at $355,000. Finally, Goldman Sachs Group Inc. grew its holdings 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 buying an additional 200,869 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

About Canaan

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.