Canaan Inc. Sponsored ADR (CAN) - What Are Brokerages Thinking About This Stock?

Key Points

• Analysts maintain a “Moderate Buy” consensus on Canaan, with five buy ratings, one strong-buy rating, and two sell ratings. The average 12-month price target is $1.75, although recent targets include B. Riley’s reduction to $1.50 and Rosenblatt’s $0.75 target.
• Canaan’s shares opened at $0.23, well below their 52-week high of $2.22, while the company reported a quarterly loss of $0.14 per share on $31.86 million in revenue. It posted negative margins and return on equity, and analysts forecast a full-year loss of $0.39 per share.
• Institutional investors own approximately 70.14% of Canaan, with Vontobel Holding recently purchasing 423,658 shares valued at about $146,000.

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight brokerages that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $1.75.

Several research analysts have commented on CAN shares. Zacks Research downgraded Canaan from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 15th. Weiss Ratings lowered shares of Canaan from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday. B. Riley Financial reduced their price objective on shares of Canaan from $2.00 to $1.50 and set a "buy" rating for the company in a research note on Thursday, October 1st. Rosenblatt Securities reaffirmed a "buy" rating and set a $0.75 price objective on shares of Canaan in a research note on Tuesday, September 15th. Finally, JonesTrading raised shares of Canaan to a "strong-buy" rating in a report on Saturday, September 26th.

Canaan Stock Performance

Shares of CAN opened at $0.23 on Tuesday. Canaan has a 1 year low of $0.15 and a 1 year high of $2.22. The stock's fifty day moving average price is $0.32 and its two-hundred day moving average price is $0.36. The firm has a market cap of $166.59 million, a PE ratio of -0.53 and a beta of 2.63. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.86 and a quick ratio of 1.67.

Canaan (NASDAQ:CAN - Get Free Report) last issued its earnings results on Saturday, August 15th. The company reported ($0.14) earnings per share for the quarter. The business had revenue of $31.86 million for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%. On average, equities research analysts forecast that Canaan will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Canaan stock. Vontobel Holding Ltd. bought a new position in Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 423,658 shares of the company's stock, valued at approximately $146,000. Vontobel Holding Ltd. owned approximately 0.06% of Canaan at the end of the most recent quarter. Institutional investors own 70.14% of the company's stock.

Canaan Company Profile

Canaan Inc is a technology company that designs application-specific integrated circuits (ASICs) and computing hardware for blockchain applications, with a primary focus on Bitcoin mining. Its best-known product line is AvalonMiner, a series of specialized cryptocurrency-mining machines designed to deliver high-performance and energy-efficient computing.

The company also develops artificial intelligence and edge-computing solutions through its Kendryte line of processors and related hardware.

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