Canaan (NASDAQ:CAN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Canaan (NASDAQ:CAN) from a sell rating to a hold rating in a research report sent to investors on Saturday morning.

A number of other research analysts have also issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $4.00 target price on shares of Canaan in a research note on Friday, September 12th. Zacks Research upgraded Canaan from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Compass Point assumed coverage on Canaan in a report on Monday, September 15th. They issued a “buy” rating for the company. Northland Capmk raised Canaan to a “hold” rating in a research note on Wednesday, June 18th. Finally, B. Riley reduced their price target on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, July 10th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.54.

Canaan Trading Up 39.4%

Shares of NASDAQ CAN opened at $1.52 on Friday. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07. The stock’s 50 day simple moving average is $0.85 and its 200 day simple moving average is $0.76. The company has a market cap of $566.81 million, a price-to-earnings ratio of -1.69 and a beta of 3.49.

Canaan (NASDAQ:CAN) last posted its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $13.95 million for the quarter, compared to analysts’ expectations of $13.29 million. Canaan had a negative return on equity of 92.49% and a negative net margin of 77.01%. Canaan has set its Q3 2025 guidance at EPS. Equities research analysts expect that Canaan will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC lifted its holdings in Canaan by 35.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,855,479 shares of the company’s stock valued at $1,629,000 after acquiring an additional 486,139 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in Canaan by 280.2% during the first quarter. SBI Securities Co. Ltd. now owns 153,399 shares of the company’s stock valued at $135,000 after purchasing an additional 113,049 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its holdings in Canaan by 82.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company’s stock worth $2,089,000 after buying an additional 1,078,537 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Canaan by 53.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company’s stock worth $670,000 after buying an additional 267,322 shares during the last quarter. Finally, Invesco Ltd. grew its position in Canaan by 5,016.8% in the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock worth $6,351,000 after buying an additional 7,093,743 shares during the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.