Canaan (NASDAQ:CAN) Now Covered by Analysts at Compass Point

Key Points

• Analysts at Compass Point have initiated coverage on Canaan (NASDAQ:CAN) with a "buy" rating, indicating positive sentiment toward the stock.
• Canaan's stock has a consensus price target of $2.50, based on analyses, with five analysts rating it as a buy and three as hold.
• The company reported better-than-expected earnings for the last quarter, with an earnings per share of ($0.03), surpassing the consensus estimate of ($0.13).

Equities research analysts at Compass Point initiated coverage on shares of Canaan (NASDAQ:CAN - Get Free Report) in a research report issued to clients and investors on Monday. The brokerage set a "buy" rating on the stock.

Other analysts also recently issued reports about the company. Wall Street Zen upgraded Canaan from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Rosenblatt Securities restated a "buy" rating and issued a $4.00 price objective on shares of Canaan in a report on Friday. B. Riley decreased their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Thursday, July 10th. Northland Capmk upgraded Canaan to a "hold" rating in a report on Wednesday, June 18th. Finally, Benchmark cut their target price on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. Five research analysts have rated the stock with a Buy rating and three have given a Hold 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 price target of $2.50.

Canaan Stock Up 0.6%

NASDAQ:CAN opened at $0.82 on Monday. Canaan has a twelve month low of $0.53 and a twelve month high of $3.27. The company has a market cap of $307.42 million, a price-to-earnings ratio of -0.92 and a beta of 3.45. The stock has a fifty day simple moving average of $0.75 and a 200-day simple moving average of $0.78. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07.

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

Canaan declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new position in Canaan in the fourth quarter valued at approximately $92,000. Millennium Management LLC lifted its holdings in Canaan by 139.7% in the fourth quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock valued at $5,758,000 after acquiring an additional 1,637,019 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 valued at $3,460,000 after acquiring an additional 525,772 shares during the period. Two Sigma Investments LP lifted its holdings in Canaan by 69.0% in the fourth quarter. Two Sigma Investments LP now owns 2,325,312 shares of the company's stock valued at $4,767,000 after acquiring an additional 949,244 shares during the period. Finally, Two Sigma Advisers LP lifted its holdings in Canaan by 251.9% in the fourth quarter. Two Sigma Advisers LP now owns 1,365,700 shares of the company's stock valued at $2,800,000 after acquiring an additional 977,600 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

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.

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