Canaan (NASDAQ:CAN) Stock Rating Upgraded by Wall Street Zen

Key Points

• Canaan has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, with a consensus rating of "Moderate Buy" among analysts.
• The stock currently trades at around $0.77, with a 52-week range between $0.53 and $3.27, and has a market capitalization of approximately $287.95 million.
• Canaan reported better-than-expected earnings, with a loss of $0.03 per share, surpassing the projected loss of $0.13, and had a revenue of $13.95 million in its last quarter.

Wall Street Zen upgraded shares of Canaan (NASDAQ:CAN - Free Report) from a sell rating to a hold rating in a research note released on Saturday morning.

Several other analysts have also recently commented on CAN. Northland Capmk raised Canaan to a "hold" rating in a report on Wednesday, June 18th. B. Riley reduced their price target on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Thursday, July 10th. Rosenblatt Securities reduced their price target on Canaan from $5.00 to $4.00 and set a "buy" rating for the company in a report on Friday, August 15th. Northland Securities initiated coverage on Canaan in a report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price objective for the company. Finally, Benchmark reduced their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Canaan presently has an average rating of "Moderate Buy" and a consensus target price of $2.50.

Canaan Price Performance

Shares of CAN traded up $0.0042 during mid-day trading on Friday, hitting $0.6747. The company's stock had a trading volume of 35,276,860 shares, compared to its average volume of 37,578,804. The company has a current ratio of 1.78, a quick ratio of 1.11 and a debt-to-equity ratio of 0.07. The firm has a 50-day simple moving average of $0.72 and a 200 day simple moving average of $0.90. The firm has a market capitalization of $251.60 million, a P/E ratio of -0.75 and a beta of 3.25. Canaan has a 1-year low of $0.5347 and a 1-year high of $3.27.

Canaan (NASDAQ:CAN - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.10. The business had revenue of $13.95 million during the quarter, compared to analysts' expectations 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 predict that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its board has authorized a share buyback program on Tuesday, May 27th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Canaan

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new position in shares of Canaan in the fourth quarter worth $92,000. Millennium Management LLC raised 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 worth $5,758,000 after acquiring an additional 1,637,019 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Canaan in the fourth quarter worth $33,000. Russell Investments Group Ltd. acquired a new position in shares of Canaan in the fourth quarter worth $856,000. Finally, Two Sigma Investments LP raised its holdings in shares of Canaan by 69.0% in the fourth quarter. Two Sigma Investments LP now owns 2,325,312 shares of the company's stock worth $4,767,000 after acquiring an additional 949,244 shares during the last quarter. 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.