Canaan (NASDAQ:CAN) Price Target Lowered to $2.00 at B. Riley

Canaan (NASDAQ:CAN - Get Free Report) had its price target reduced by B. Riley from $3.00 to $2.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley's target price would suggest a potential upside of 177.62% from the stock's previous close. B. Riley also issued estimates for Canaan's Q2 2025 earnings at ($0.08) EPS, Q3 2025 earnings at ($0.03) EPS, Q4 2025 earnings at ($0.01) EPS, FY2025 earnings at ($0.40) EPS and FY2026 earnings at $0.06 EPS.

CAN has been the subject of a number of other research reports. HC Wainwright restated a "buy" rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, March 27th. Northland Capmk upgraded shares of Canaan to a "hold" rating in a research note on Wednesday, June 18th. Benchmark cut their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Wall Street Zen cut shares of Canaan from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Finally, Northland Securities started coverage on shares of Canaan in a research note on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $2.67.

Canaan Stock Performance

Shares of NASDAQ CAN traded up $0.00 during mid-day trading on Thursday, hitting $0.72. The company had a trading volume of 38,485,618 shares, compared to its average volume of 16,861,692. 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 business's 50-day simple moving average is $0.67 and its 200-day simple moving average is $1.15. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The firm has a market cap of $268.64 million, a P/E ratio of -0.71 and a beta of 3.29.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CAN. BNP Paribas Financial Markets acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $92,000. Millennium Management LLC increased its holdings in shares of 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 purchasing an additional 1,637,019 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $33,000. Victory Capital Management Inc. acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $598,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $856,000. Institutional investors 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.