BTIG Research Reiterates Buy Rating for Canaan (NASDAQ:CAN)

Key Points

• BTIG Research has reiterated a buy rating for Canaan (NASDAQ:CAN) with a target price of $8.00, suggesting a potential upside of 426.32% from the current stock price.
• Canaan's stock is currently rated as a Moderate Buy among analysts, with six buy ratings, three holds, and one sell rating, and an average price target of $3.32.
• Invesco Ltd. significantly increased its stake in Canaan by 5,016.8%, now holding over 7 million shares, reflecting strong institutional interest in the company.

Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at BTIG Research in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $8.00 price objective on the stock. BTIG Research's price target would indicate a potential upside of 426.32% from the stock's previous close.

A number of other brokerages have also issued reports on CAN. Weiss Ratings restated a "sell (d-)" rating on shares of Canaan in a research note on Wednesday, October 8th. Northland Securities set a $1.75 price target on shares of Canaan in a research note on Friday, October 3rd. Zacks Research upgraded shares of Canaan from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Wall Street Zen upgraded shares of Canaan from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Northland Capmk upgraded shares of Canaan to a "hold" rating in a research note on Wednesday, June 18th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $3.32.

Canaan Stock Up 39.4%

Shares of NASDAQ:CAN opened at $1.52 on Tuesday. The company has a quick ratio of 1.32, a current ratio of 1.78 and a debt-to-equity ratio of 0.07. Canaan has a 52-week low of $0.53 and a 52-week high of $3.27. The company has a 50 day moving average of $0.85 and a two-hundred day moving average of $0.76. The company has a market capitalization of $566.81 million, a price-to-earnings ratio of -1.69 and a beta of 3.49.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. The company had revenue of $13.95 million during the quarter, compared to the consensus estimate of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. As a group, analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canaan

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its stake in Canaan by 5,016.8% during the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock valued at $6,351,000 after buying an additional 7,093,743 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its stake in Canaan by 82.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company's stock valued at $2,089,000 after buying an additional 1,078,537 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Canaan during the second quarter valued at about $355,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Canaan by 15.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company's stock valued at $3,460,000 after buying an additional 525,772 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in Canaan by 35.5% during the first quarter. Exchange Traded Concepts LLC now owns 1,855,479 shares of the company's stock valued at $1,629,000 after buying an additional 486,139 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.