Canaan (NASDAQ:CAN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Canaan (NASDAQ:CAN) to a sell rating in a research report released on Saturday.

Other equities research analysts also recently issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $1.50 price objective on shares of Canaan in a research report on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, January 21st. BTIG Research reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Wednesday, February 11th. Benchmark reduced their price objective on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.25 price objective on shares of Canaan in a research report on Monday, March 16th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2.17.

Canaan Trading Down 0.6%

Shares of CAN stock opened at $0.57 on Friday. Canaan has a 52-week low of $0.39 and a 52-week high of $2.22. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.93 and a current ratio of 3.31. The company has a 50-day simple moving average of $0.48 and a two-hundred day simple moving average of $0.82. The company has a market capitalization of $212.74 million, a price-to-earnings ratio of -1.19 and a beta of 2.46.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%.The firm had revenue of $196.27 million during the quarter, compared to the consensus estimate of $25.30 million. Research analysts anticipate that Canaan will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Canaan by 135.5% during the 3rd 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. SG Americas Securities LLC bought a new position in shares of Canaan during the 1st quarter valued at approximately $43,000. Virtu Financial LLC bought a new position in shares of Canaan during the 4th quarter valued at approximately $46,000. Goldman Sachs Group Inc. grew its position 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 acquiring an additional 200,869 shares during the period. Finally, SBI Securities Co. Ltd. grew its position in shares of Canaan by 155.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after acquiring an additional 1,034,040 shares during the period. 70.14% of the stock is owned by institutional investors.

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.