Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight analysts that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $1.35.
A number of equities research analysts have commented on CAN shares. Rosenblatt Securities restated a "buy" rating and issued a $0.75 price target on shares of Canaan in a report on Tuesday, September 15th. Zacks Research cut shares of Canaan from a "hold" rating to a "strong sell" rating in a research report on Thursday, October 15th. BTIG Research reduced their target price on Canaan from $2.00 to $1.00 and set a "buy" rating for the company in a research note on Wednesday. Weiss Ratings cut Canaan from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 16th. Finally, JonesTrading raised Canaan to a "strong-buy" rating in a research note on Saturday, September 26th.
Get Our Latest Analysis on CAN
Canaan Price Performance
Shares of CAN stock traded down $0.01 during trading hours on Friday, reaching $0.15. The company's stock had a trading volume of 16,045,623 shares, compared to its average volume of 7,441,412. The firm's 50 day simple moving average is $0.28 and its 200-day simple moving average is $0.37. The company has a market capitalization of $110.94 million, a price-to-earnings ratio of -0.41 and a beta of 2.56. Canaan has a fifty-two week low of $0.14 and a fifty-two week high of $1.11. The company has a quick ratio of 1.67, a current ratio of 2.50 and a debt-to-equity ratio of 0.03.
Canaan's stock is set to reverse split before the market opens on Friday, December 4th. The 1-25 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, December 3rd.
Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Tuesday, November 10th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. The firm had revenue of $14.54 million during the quarter, compared to the consensus estimate of $2.05 million. Canaan had a negative return on equity of 71.94% and a negative net margin of 86.26%. During the same period last year, the company earned ($0.00) earnings per share. Sell-side analysts forecast that Canaan will post -0.35 earnings per share for the current year.
Institutional Trading of Canaan
A hedge fund recently bought a new position in Canaan stock. Vontobel Holding Ltd. purchased a new stake in shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 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. 70.14% of the stock is owned by institutional investors and hedge funds.
About Canaan
(
Get Free Report)
Canaan Inc. is a technology company that designs and sells application-specific integrated circuit (ASIC) chips and hardware for cryptocurrency mining. Its products include the Avalon series of Bitcoin mining machines, which combine the company's chips with systems for mining digital currencies. Founded in 2013, Canaan developed the AvalonMiner, an early ASIC-based Bitcoin mining machine. In addition to selling mining equipment and related products, the company has engaged in Bitcoin mining operations.
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