Canaan Inc. Sponsored ADR (NASDAQ:CAN) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts give Canaan a “Moderate Buy” consensus: five of six covering analysts rate the stock a buy, while one rates it a sell. The average 12-month price target is $1.92.
• Canaan’s shares opened at $0.39, with a market capitalization of about $281.5 million and a 52-week range of $0.15 to $2.22.
• The company reported a quarterly loss of $0.14 per share on $31.86 million in revenue, alongside a negative net margin of 67.78% and negative return on equity of 77.73%.

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $1.92.

A number of research firms recently commented on CAN. Weiss Ratings reiterated a "sell (e+)" rating on shares of Canaan in a report on Friday, August 14th. Rosenblatt Securities reiterated a "buy" rating and set a $0.75 target price on shares of Canaan in a research note on Tuesday, September 15th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Canaan stock. SG Americas Securities LLC acquired a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 100,000 shares of the company's stock, valued at approximately $43,000. Institutional investors and hedge funds own 70.14% of the company's stock.

Canaan Price Performance

NASDAQ:CAN opened at $0.39 on Friday. The stock has a market capitalization of $281.54 million, a PE ratio of -0.89 and a beta of 2.72. Canaan has a 1-year low of $0.15 and a 1-year high of $2.22. The firm has a fifty day simple moving average of $0.29 and a 200 day simple moving average of $0.37. The company has a current ratio of 2.86, a quick ratio of 1.67 and a debt-to-equity ratio of 0.12.

Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings data on Saturday, August 15th. The company reported ($0.14) EPS for the quarter. The firm had revenue of $31.86 million during the quarter. Canaan had a negative net margin of 67.78% and a negative return on equity of 77.73%.

About Canaan

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company's best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan's proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.

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