Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives $2.67 Consensus PT from Brokerages

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight research firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $2.67.

CAN has been the subject of a number of recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and issued a $5.00 target price on shares of Canaan in a research report on Tuesday, July 8th. Benchmark reduced their price objective on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. Northland Securities assumed coverage on shares of Canaan in a research report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price objective for the company. Northland Capmk upgraded shares of Canaan to a "hold" rating in a research report on Wednesday, June 18th. Finally, B. Riley decreased their target price on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Thursday, July 10th.

Canaan Trading Up 5.4%

NASDAQ:CAN traded up $0.04 on Friday, reaching $0.87. The stock had a trading volume of 29,004,154 shares, compared to its average volume of 19,515,409. The company has a market cap of $323.67 million, a price-to-earnings ratio of -0.85 and a beta of 3.29. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11. The firm's fifty day moving average is $0.70 and its two-hundred day moving average is $1.10. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27.

Canaan announced that its Board of Directors has authorized a share buyback program on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. bought a new stake in shares of Canaan during the 4th quarter valued at $598,000. Raymond James Financial Inc. purchased a new position in Canaan during the fourth quarter valued at $33,000. Sei Investments Co. bought a new stake in Canaan during the fourth quarter valued at about $751,000. Vanguard Group Inc. increased its position in Canaan by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock worth $17,960,000 after buying an additional 223,241 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Canaan during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 70.14% of the company's stock.

About Canaan

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.