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

Canaan (NASDAQ:CAN - Get Free Report) had its price target dropped by research analysts at B. Riley from $3.00 to $2.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's target price points to 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.

A number of other analysts also recently issued reports on CAN. HC Wainwright reiterated a "buy" rating and set 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 target on shares of Canaan in a research report on Tuesday, July 8th. Northland Securities started coverage on Canaan in a research report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price target for the company. Wall Street Zen downgraded Canaan from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Finally, Benchmark dropped their price target on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2.67.

Canaan Price Performance

NASDAQ CAN traded up $0.00 during trading hours on Thursday, hitting $0.72. The company had a trading volume of 38,485,618 shares, compared to its average volume of 16,913,996. Canaan has a 52 week low of $0.53 and a 52 week high of $3.27. The firm has a 50 day simple moving average of $0.67 and a 200 day simple moving average of $1.15. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.11 and a current ratio of 1.50. The firm has a market capitalization of $268.63 million, a price-to-earnings ratio of -0.71 and a beta of 3.29.

Canaan announced that its board has authorized a stock buyback plan on Tuesday, May 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CAN. EntryPoint Capital LLC purchased a new stake in Canaan during the fourth quarter valued at $32,000. Raymond James Financial Inc. purchased a new stake in Canaan during the fourth quarter valued at $33,000. Wellington Management Group LLP purchased a new stake in Canaan during the fourth quarter valued at $48,000. Chesapeake Capital Corp IL purchased a new stake in Canaan during the fourth quarter valued at $79,000. Finally, BNP Paribas Financial Markets purchased a new stake in Canaan during the fourth quarter valued at $92,000. 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.