Canaan’s (CAN) Buy Rating Reiterated at BTIG Research

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by BTIG Research in a research report issued on Tuesday,Benzinga reports. They presently have a $3.00 price objective on the stock.

A number of other equities research analysts have also issued reports on CAN. Wall Street Zen raised Canaan to a “sell” rating in a research note on Saturday, April 18th. Benchmark cut their price target on Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Rosenblatt Securities restated a “buy” rating and issued a $2.25 price objective on shares of Canaan in a research report on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research note on Monday, April 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $1.50 price objective on shares of Canaan in a research note on Wednesday, February 11th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2.17.

Canaan Stock Performance

Shares of CAN stock traded down $0.06 during midday trading on Tuesday, hitting $0.42. The company had a trading volume of 7,686,256 shares, compared to its average volume of 12,966,799. The stock has a market cap of $301.52 million, a price-to-earnings ratio of -0.87 and a beta of 2.65. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.31 and a quick ratio of 1.93. The company’s 50 day simple moving average is $0.48 and its 200 day simple moving average is $0.69. Canaan has a 52-week low of $0.39 and a 52-week high of $2.22.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results 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 60.70% and a negative net margin of 39.69%.The company had revenue of $62.69 million for the quarter, compared to analyst estimates of $9.52 million. During the same period in the prior year, the business earned ($0.02) earnings per share. Research analysts anticipate that Canaan will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Virtu Financial LLC purchased a new position in shares of Canaan during the 4th quarter worth about $46,000. SG Americas Securities LLC purchased a new stake in Canaan in the first quarter valued at approximately $43,000. Goldman Sachs Group Inc. increased its position in 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 purchasing an additional 200,869 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its position in Canaan by 228.1% during the third quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock worth $586,000 after purchasing an additional 462,240 shares during the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.