Stock Buyback Plan Initiated by Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN) declared that its board has initiated a share buyback plan on Wednesday, December 17th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $0.82 on Friday. The business has a 50-day moving average of $1.18 and a two-hundred day moving average of $0.92. The firm has a market capitalization of $306.67 million, a PE ratio of -1.21 and a beta of 2.87. Canaan has a 12 month low of $0.53 and a 12 month high of $2.47.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The business had revenue of $21.17 million during the quarter, compared to analysts’ expectations of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same quarter in the previous year, the business earned ($0.01) EPS. As a group, research analysts anticipate that Canaan will post -0.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Compass Point initiated coverage on shares of Canaan in a report on Monday, September 15th. They set a “buy” rating for the company. Wall Street Zen upgraded shares of Canaan from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. B. Riley cut their price target on Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a report on Friday, November 21st. Benchmark increased their price target on Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $2.96.

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.