Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives Average Rating of "Moderate Buy" from Analysts

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

Several equities analysts have issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th. Rosenblatt Securities reiterated a "buy" rating and set a $5.00 price objective on shares of Canaan in a research report on Monday, June 16th. Benchmark decreased 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. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective for the company. Finally, Northland Capmk upgraded shares of Canaan to a "hold" rating in a research report on Wednesday, June 18th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CAN. EntryPoint Capital LLC bought a new position in shares of Canaan in the fourth quarter valued at $32,000. Raymond James Financial Inc. bought a new position in shares of Canaan in the fourth quarter valued at $33,000. Wellington Management Group LLP bought a new position in shares of Canaan in the fourth quarter valued at $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the fourth quarter valued at $79,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Canaan in the fourth quarter valued at $83,000. 70.14% of the stock is owned by institutional investors.

Canaan Price Performance

CAN stock traded down $0.01 during trading on Wednesday, reaching $0.59. 12,712,429 shares of the company were exchanged, compared to its average volume of 15,894,514. The company has a 50-day moving average of $0.69 and a two-hundred day moving average of $1.29. The company has a market capitalization of $221.73 million, a price-to-earnings ratio of -0.58 and a beta of 3.32. Canaan has a twelve month low of $0.53 and a twelve month high of $3.27. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). Canaan had a negative return on equity of 98.53% and a negative net margin of 93.62%. The company had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. During the same quarter in the prior year, the company earned ($2.16) earnings per share. As a group, equities analysts predict that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

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.