Canaan Inc. Sponsored ADR (NASDAQ:CAN) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have been assigned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $2.1667.

Several analysts recently weighed in on CAN shares. Wall Street Zen cut Canaan from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Benchmark decreased their price objective on Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Rosenblatt Securities reiterated a “buy” rating and set a $2.25 price objective on shares of Canaan in a research report on Monday, March 16th. HC Wainwright restated a “buy” rating and set a $1.50 price objective on shares of Canaan in a research report on Wednesday, February 11th. Finally, BTIG Research reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Wednesday, February 11th.

Institutional Investors Weigh In On Canaan

Several hedge funds and other institutional investors have recently made changes to their positions in CAN. Virtu Financial LLC acquired a new position in Canaan during the 4th quarter worth approximately $46,000. SBI Securities Co. Ltd. grew its stake in shares of Canaan by 155.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock worth $1,172,000 after buying an additional 1,034,040 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Canaan by 135.5% during the third 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. Finally, Goldman Sachs Group Inc. increased 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 worth $516,000 after buying an additional 200,869 shares in the last quarter. 70.14% of the stock is owned by institutional investors.

Canaan Stock Up 2.1%

Shares of CAN opened at $0.42 on Friday. The firm has a market cap of $156.06 million, a P/E ratio of -0.87 and a beta of 2.46. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.93 and a current ratio of 3.31. Canaan has a 52 week low of $0.39 and a 52 week high of $2.22. The firm’s 50-day simple moving average is $0.52 and its 200 day simple moving average is $0.86.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.13) earnings per share (EPS) 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 company had revenue of $196.27 million for the quarter, compared to analyst estimates of $25.30 million. On average, analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Canaan declared that its board has approved a share repurchase program on Wednesday, December 17th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management 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.