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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has received a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $2.0083.

Several analysts have recently weighed in on the stock. 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Canaan in a research note on Friday, August 14th. Finally, Rosenblatt Securities lowered their price target on Canaan from $2.25 to $1.30 and set a “buy” rating on the stock in a research report on Wednesday, May 20th.

Institutional Trading of Canaan

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in Canaan during the first quarter valued at approximately $43,000. Virtu Financial LLC purchased a new stake in shares of Canaan in the 4th quarter valued at $46,000. SBI Securities Co. Ltd. boosted its stake in shares of Canaan by 155.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after purchasing an additional 1,034,040 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares during the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Stock Performance

Shares of Canaan stock opened at $0.36 on Monday. Canaan has a 1 year low of $0.15 and a 1 year high of $2.22. The firm has a market cap of $257.84 million, a PE ratio of -1.06 and a beta of 2.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.34 and a quick ratio of 2.04. The company has a 50 day simple moving average of $0.28 and a two-hundred day simple moving average of $0.39.

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.