Canaan Inc. Sponsored ADR (NASDAQ:CAN) Stock Has Consensus Price Target of $1.92 According to Brokerages

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $1.75.

CAN has been the subject of several research reports. JonesTrading upgraded shares of Canaan to a “strong-buy” rating in a research report on Saturday, September 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $0.75 target price on shares of Canaan in a research report on Tuesday, September 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canaan in a report on Friday, August 14th. Finally, B. Riley Financial dropped their price target on Canaan from $2.00 to $1.50 and set a “buy” rating for the company in a report on Thursday.

Institutional Investors Weigh In On Canaan

An institutional investor recently bought a new stake in Canaan stock. SG Americas Securities LLC bought a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the company’s stock, valued at approximately $43,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

Canaan Stock Performance

NASDAQ CAN opened at $0.34 on Friday. The firm has a 50-day moving average of $0.30 and a 200-day moving average of $0.37. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.67 and a current ratio of 2.86. The stock has a market cap of $243.51 million, a PE ratio of -0.77 and a beta of 2.63. Canaan has a 52-week low of $0.15 and a 52-week high of $2.22.

Canaan (NASDAQ:CAN) last announced its earnings results on Saturday, August 15th. The company reported ($0.14) EPS for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%.The company had revenue of $31.86 million for the quarter.

About Canaan

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company’s best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan’s proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.