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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have earned a consensus rating of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $2.0083.

CAN has been the subject of a number of analyst reports. Wall Street Zen raised shares of Canaan to a “sell” rating in a report on Saturday, April 18th. Rosenblatt Securities cut their target price on Canaan from $2.25 to $1.30 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Weiss Ratings lowered Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 19th. Finally, BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Tuesday, May 19th.

Canaan Trading Up 2.7%

Shares of Canaan stock opened at $0.21 on Thursday. 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 stock’s 50 day simple moving average is $0.28 and its 200-day simple moving average is $0.42. The stock has a market cap of $147.90 million, a P/E ratio of -0.61 and a beta of 2.62. Canaan has a 1-year low of $0.15 and a 1-year high of $2.22.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, May 19th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The company had revenue of $62.69 million for the quarter, compared to analysts’ expectations of $9.50 million. Canaan had a negative return on equity of 55.84% and a negative net margin of 41.71%.During the same quarter in the previous year, the business posted ($0.02) EPS. Analysts predict that Canaan will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

Several large investors have recently made changes to their positions in the stock. SBI Securities Co. Ltd. raised its position in Canaan by 155.5% in the fourth 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 during the period. Virtu Financial LLC purchased a new stake in shares of Canaan in the 4th quarter valued at $46,000. Goldman Sachs Group Inc. raised its holdings in shares of Canaan by 52.0% in the 1st 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 period. Finally, SG Americas Securities LLC acquired a new position in Canaan during the 1st quarter worth about $43,000. 70.14% of the stock is currently 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.