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

by · The Markets Daily

Canaan (NASDAQ:CAN – Get Free Report) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other analysts have also commented on the company. Benchmark lifted their price target on Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 target price on shares of Canaan in a research report on Monday, December 15th. BTIG Research assumed coverage on shares of Canaan in a report on Monday, December 8th. They set a “buy” rating and a $3.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Finally, Compass Point initiated coverage on shares of Canaan in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2.96.

View Our Latest Stock Report on CAN

Canaan Stock Performance

NASDAQ CAN opened at $0.82 on Friday. The firm’s fifty day moving average price is $1.18 and its two-hundred day moving average price is $0.92. The stock has a market cap of $306.67 million, a PE ratio of -1.21 and a beta of 2.87. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $2.47.

Canaan (NASDAQ:CAN – Get Free Report) last released its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $21.17 million for the quarter, compared to the consensus estimate 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 last year, the business posted ($0.01) EPS. As a group, sell-side analysts predict that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its board has authorized a stock buyback program on Wednesday, December 17th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Canaan

Institutional investors have recently bought and sold shares of the company. GMT Capital Corp acquired a new stake in Canaan during the 1st quarter worth about $86,000. SBI Securities Co. Ltd. boosted its position in shares of Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after purchasing an additional 49,206 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan during the second quarter worth approximately $355,000. Goldman Sachs Group Inc. grew its stake in Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Canaan by 15.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock worth $3,460,000 after purchasing an additional 525,772 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

About Canaan

(Get Free Report)

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.

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