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

Canaan Inc. Sponsored ADR (NASDAQ:CAN) has been given a consensus rating of “Moderate Buy” by the nine research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $2.2143.

A number of analysts have weighed in on the stock. B. Riley Financial cut their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a report on Friday, November 21st. Wall Street Zen downgraded shares of Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Wednesday, February 11th. Rosenblatt Securities reissued a “buy” rating and issued a $2.25 price target on shares of Canaan in a research report on Tuesday, February 24th. Finally, HC Wainwright restated a “buy” rating and issued a $1.50 price objective on shares of Canaan in a research note on Wednesday, February 11th.

Canaan Trading Down 1.9%

CAN opened at $0.51 on Monday. 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 one year low of $0.43 and a one year high of $2.22. The company has a market cap of $190.70 million, a P/E ratio of -1.07 and a beta of 2.57. The business’s 50-day simple moving average is $0.64 and its 200-day simple moving average is $0.90.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The business had revenue of $196.27 million for the quarter, compared to analysts’ expectations of $25.30 million. Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%. As a group, equities research analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Canaan announced that its board has approved a share buyback program on Wednesday, December 17th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Canaan

Large investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in Canaan during the 4th quarter worth approximately $46,000. SBI Securities Co. Ltd. lifted its stake in Canaan by 32.1% in the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after buying an additional 49,206 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after buying an additional 200,869 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after acquiring an additional 777,019 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

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.