Brokerages Set Canaan Inc. Sponsored ADR (NASDAQ:CAN) Price Target at $2.01

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN) have received an average rating of “Moderate Buy” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $2.0083.

Several research firms recently weighed in on CAN. HC Wainwright reiterated a “buy” rating and issued a $1.50 target price on shares of Canaan in a report on Wednesday, February 11th. BTIG Research reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Tuesday, May 19th. Weiss Ratings lowered Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 19th. Rosenblatt Securities decreased their target price on Canaan from $2.25 to $1.30 and set a “buy” rating on the stock in a research note on Wednesday, May 20th. Finally, Benchmark decreased their target price on Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th.

Canaan Trading Up 0.4%

NASDAQ CAN opened at $0.41 on Friday. The firm’s 50-day moving average is $0.47 and its two-hundred day moving average is $0.64. Canaan has a 12 month low of $0.38 and a 12 month high of $2.22. 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 has a market capitalization of $296.01 million, a P/E ratio of -1.22 and a beta of 2.65.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, May 19th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). Canaan had a negative net margin of 41.71% and a negative return on equity of 55.84%. The company had revenue of $62.69 million during the quarter, compared to analyst estimates of $9.50 million. During the same period in the previous year, the company earned ($0.02) EPS. On average, sell-side analysts anticipate that Canaan will post -0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in shares of Canaan in the first quarter valued at approximately $43,000. Virtu Financial LLC acquired a new stake in shares of Canaan in the fourth quarter valued at $46,000. Goldman Sachs Group Inc. raised its stake in shares of Canaan by 52.0% in the first 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 in the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in shares of Canaan by 228.1% in the third quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock valued at $586,000 after acquiring an additional 462,240 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.