Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been assigned a consensus rating of “Moderate Buy” from the nine analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $2.0083.

Several brokerages recently weighed in on CAN. Rosenblatt Securities dropped their price objective on Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a research report on Wednesday, May 20th. Weiss Ratings downgraded Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 19th. BTIG Research restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Tuesday, May 19th. Finally, Wall Street Zen upgraded Canaan to a “sell” rating in a research report on Saturday, April 18th.

Hedge Funds Weigh In On Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of CAN. SG Americas Securities LLC acquired a new position in Canaan in the 1st quarter worth about $43,000. Virtu Financial LLC acquired a new position in Canaan in the 4th quarter worth about $46,000. Goldman Sachs Group Inc. increased its holdings in Canaan by 52.0% in the 1st 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, SBI Securities Co. Ltd. increased 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 worth $1,172,000 after purchasing an additional 1,034,040 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Price Performance

Shares of CAN stock opened at $0.34 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 3.34 and a debt-to-equity ratio of 0.09. Canaan has a twelve month low of $0.31 and a twelve month high of $2.22. The company has a market cap of $246.88 million, a P/E ratio of -1.01 and a beta of 2.53. The business has a fifty day simple moving average of $0.45 and a 200 day simple moving average of $0.58.

Canaan (NASDAQ:CAN) last announced 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 business had revenue of $62.69 million for the quarter, compared to the consensus estimate of $9.50 million. During the same quarter in the prior year, the company earned ($0.02) earnings per share. On average, sell-side analysts forecast that Canaan will post -0.15 EPS for the current fiscal year.

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.