Canaan (NASDAQ:CAN) Raised to "Hold" at Wall Street Zen

Key Points

• Canaan has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a shifting sentiment among analysts regarding the stock.
• The firm reported a quarterly EPS of ($0.03), surpassing expectations, while forecasting an average of ($0.74) EPS for the current year.
• Institutional investors hold 70.14% of Canaan's stock, with significant stakes being added by firms such as SBI Securities and Goldman Sachs Group.

Canaan (NASDAQ:CAN - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts also recently weighed in on CAN. Rosenblatt Securities reiterated a "buy" rating and issued a $4.00 target price on shares of Canaan in a report on Friday, September 12th. B. Riley dropped their target price on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Compass Point started coverage on Canaan in a report on Monday, September 15th. They issued a "buy" rating on the stock. Northland Capmk upgraded Canaan to a "hold" rating in a report on Wednesday, June 18th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Canaan in a report on Wednesday. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.54.

Canaan Price Performance

CAN stock opened at $1.09 on Friday. 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 has a one year low of $0.53 and a one year high of $3.27. The firm has a market capitalization of $404.60 million, a PE ratio of -1.21 and a beta of 3.49. The firm has a 50-day moving average of $0.83 and a two-hundred day moving average of $0.76.

Canaan (NASDAQ:CAN - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.10. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. The company had revenue of $13.95 million during the quarter, compared to analyst estimates of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. On average, analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. raised its position in Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company's stock valued at $125,000 after acquiring an additional 49,206 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan during the second quarter valued at approximately $355,000. Goldman Sachs Group Inc. raised its position in Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company's stock valued at $516,000 after acquiring an additional 200,869 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Canaan by 15.4% during 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 in the last quarter. Finally, GMT Capital Corp bought a new position in Canaan during the first quarter valued at approximately $86,000. 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.

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