Canaan (NASDAQ:CAN) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Canaan (NASDAQ:CAN) from a hold rating to a sell rating in a research note published on Sunday.

A number of other research firms have also commented on CAN. Northland Securities set a $1.75 price objective on Canaan in a research note on Friday, October 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Zacks Research raised Canaan from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price target on shares of Canaan in a research note on Monday, October 13th. Finally, B. Riley dropped their price target on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday, July 10th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.32.

Canaan Price Performance

Canaan stock opened at $1.95 on Friday. The stock’s 50 day moving average is $0.98 and its 200 day moving average is $0.81. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.78 and a quick ratio of 1.32. The firm has a market cap of $725.29 million, a P/E ratio of -2.16 and a beta of 3.49. Canaan has a one year low of $0.53 and a one year high of $3.27.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $13.95 million for the quarter, compared to analyst estimates 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. As a group, research analysts expect that Canaan will post -0.74 EPS for the current year.

Institutional Investors Weigh In On Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. SBI Securities Co. Ltd. increased its holdings in shares of Canaan by 280.2% during the first quarter. SBI Securities Co. Ltd. now owns 153,399 shares of the company’s stock valued at $135,000 after acquiring an additional 113,049 shares in the last quarter. Baader Bank Aktiengesellschaft increased its holdings in shares of Canaan by 82.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 2,384,261 shares of the company’s stock valued at $2,089,000 after acquiring an additional 1,078,537 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Canaan by 53.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company’s stock valued at $670,000 after acquiring an additional 267,322 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Canaan by 5,016.8% during the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after acquiring an additional 7,093,743 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Canaan during the first quarter valued at approximately $320,000. Institutional investors own 70.14% of the company’s stock.

About Canaan

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.