Canaan (NASDAQ:CAN) Sees Large Volume Increase - What's Next?

Key Points

• Canaan Inc. experienced a 41% increase in trading volume on Friday, with 41,167,471 shares changing hands, as the stock price rose from $1.32 to $1.38.
• Analysts have issued varied ratings on Canaan, with five analysts giving it a Buy rating, three a Hold rating, and one a Sell rating, resulting in a consensus target price of $2.54.
• The company reported a revenue of $13.95 million for the last quarter, surpassing expectations and indicating a potential growth trajectory, despite a negative net margin of 77.01%.

Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) saw strong trading volume on Friday . 41,167,471 shares changed hands during mid-day trading, an increase of 41% from the previous session's volume of 29,276,188 shares.The stock last traded at $1.38 and had previously closed at $1.32.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CAN shares. Zacks Research upgraded Canaan from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Northland Capmk raised Canaan to a "hold" rating in a report on Wednesday, June 18th. Compass Point assumed coverage on Canaan in a report on Monday, September 15th. They issued a "buy" rating for the company. Rosenblatt Securities restated a "buy" rating and set a $4.00 target price on shares of Canaan in a research report on Friday, September 12th. Finally, Northland Securities set a $1.75 price target on shares of Canaan in a report on Friday. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.54.

Canaan Trading Down 0.8%

The firm has a market capitalization of $488.50 million, a price-to-earnings ratio of -1.46 and a beta of 3.49. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.32 and a current ratio of 1.78. The business has a fifty day moving average price of $0.76 and a 200 day moving average price of $0.75.

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

Institutional Trading of Canaan

Several hedge funds have recently bought and sold shares of CAN. Wellington Management Group LLP acquired a new position in shares of Canaan during the fourth quarter valued at $48,000. SBI Securities Co. Ltd. lifted its stake in shares of Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company's stock worth $125,000 after acquiring an additional 49,206 shares during the period. GMT Capital Corp bought a new position in shares of Canaan in the first quarter valued at approximately $86,000. Goldman Sachs Group Inc. increased its stake in shares of 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 during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Canaan by 53.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company's stock worth $670,000 after purchasing an additional 267,322 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors.

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.

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