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

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have earned an average recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $1.92.

A number of research firms recently commented on CAN. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canaan in a report on Friday, August 14th. Rosenblatt Securities reiterated a “buy” rating and set a $0.75 target price on shares of Canaan in a research note on Tuesday, September 15th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Canaan stock. SG Americas Securities LLC acquired a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 100,000 shares of the company’s stock, valued at approximately $43,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Price Performance

NASDAQ:CAN opened at $0.39 on Friday. The stock has a market capitalization of $281.54 million, a PE ratio of -0.89 and a beta of 2.72. Canaan has a 1-year low of $0.15 and a 1-year high of $2.22. The firm has a fifty day simple moving average of $0.29 and a 200 day simple moving average of $0.37. The company has a current ratio of 2.86, a quick ratio of 1.67 and a debt-to-equity ratio of 0.12.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Saturday, August 15th. The company reported ($0.14) EPS for the quarter. The firm had revenue of $31.86 million during the quarter. Canaan had a negative net margin of 67.78% and a negative return on equity of 77.73%.

About Canaan

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company’s best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan’s proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.