Canaan (NASDAQ:CAN) Upgraded to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Canaan (NASDAQ:CAN) to a sell rating in a research note released on Saturday morning.

CAN has been the topic of a number of other reports. Benchmark dropped their price target on Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $1.50 price target on shares of Canaan in a research report on Wednesday, February 11th. Rosenblatt Securities reiterated a “buy” rating and set a $2.25 target price on shares of Canaan in a research note on Monday, March 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. Finally, BTIG Research reiterated a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Wednesday, February 11th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.17.

Canaan Stock Performance

Shares of CAN opened at $0.57 on Friday. The company has a quick ratio of 1.93, a current ratio of 3.31 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average price is $0.48 and its 200-day moving average price is $0.83. Canaan has a 52 week low of $0.39 and a 52 week high of $2.22. The stock has a market cap of $214.04 million, a P/E ratio of -1.20 and a beta of 2.46.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Wednesday, February 11th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%.The company had revenue of $196.27 million during the quarter, compared to the consensus estimate of $25.30 million. Equities research analysts anticipate that Canaan will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. SG Americas Securities LLC bought a new position in shares of Canaan during the 1st quarter valued at $43,000. Virtu Financial LLC bought a new position in shares of Canaan during the 4th quarter valued at $46,000. Goldman Sachs Group Inc. lifted its holdings in shares of Canaan by 52.0% during 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. SBI Securities Co. Ltd. lifted its holdings in shares of Canaan by 228.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock valued at $586,000 after buying an additional 462,240 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Canaan by 135.5% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after buying an additional 777,019 shares during the period. 70.14% of the stock is owned by institutional investors.

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.