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

Key Points

• Canaan has a “Moderate Buy” consensus rating from seven analysts, with six buys and one sell. The average 12-month price target is $2.0083, though recent targets range from $1.30 to $3.00.
• Institutional investors own approximately 70.14% of Canaan’s stock; SBI Securities increased its holdings by 155.5%, while Goldman Sachs raised its stake by 52%.
• Canaan shares opened at $0.38, compared with a 52-week range of $0.15 to $2.22. The company designs and manufactures ASIC cryptocurrency-mining hardware under its AvalonMiner product line.

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the seven research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $2.0083.

CAN has been the topic of a number of recent analyst reports. BTIG Research reissued a "buy" rating and set a $3.00 target price on shares of Canaan in a report on Tuesday, May 19th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Canaan in a report on Friday, August 14th. Finally, Rosenblatt Securities dropped their price objective on shares of Canaan from $2.25 to $1.30 and set a "buy" rating on the stock in a research report on Wednesday, May 20th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. boosted its holdings in shares of Canaan by 155.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company's stock worth $1,172,000 after acquiring an additional 1,034,040 shares during the period. Virtu Financial LLC bought a new position in shares of Canaan during the fourth quarter worth approximately $46,000. Goldman Sachs Group Inc. lifted its holdings in Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company's stock worth $516,000 after purchasing an additional 200,869 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Canaan in the 1st quarter valued at $43,000. 70.14% of the stock is owned by institutional investors.

Canaan Stock Performance

Shares of CAN opened at $0.38 on Monday. The company has a market cap of $272.16 million, a PE ratio of -1.12 and a beta of 2.63. The firm has a 50-day moving average of $0.28 and a 200-day moving average of $0.39. Canaan has a one year low of $0.15 and a one year high of $2.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.34 and a quick ratio of 2.04.

About Canaan

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company's core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan's mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.

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