Wall Street Zen Upgrades Canaan (NASDAQ:CAN) to “Sell”

Canaan (NASDAQ:CAN) was upgraded by stock analysts at Wall Street Zen to a “sell” rating in a report issued on Saturday.

Other research analysts also recently issued reports about the company. BTIG Research restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Wednesday, February 11th. HC Wainwright restated a “buy” rating and set a $1.50 price objective on shares of Canaan in a research note on Wednesday, February 11th. Rosenblatt Securities restated a “buy” rating and set a $2.25 price objective on shares of Canaan in a research note on Monday, March 16th. Benchmark lowered their price objective on Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.17.

Canaan Stock Performance

CAN stock opened at $0.57 on Friday. The firm has a market cap of $214.04 million, a P/E ratio of -1.20 and a beta of 2.46. The stock’s 50 day simple moving average is $0.48 and its 200 day simple moving average is $0.83. The company has a current ratio of 3.31, a quick ratio of 1.93 and a debt-to-equity ratio of 0.06. Canaan has a 12-month low of $0.39 and a 12-month high of $2.22.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $196.27 million for the quarter, compared to the consensus estimate of $25.30 million. Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%. As a group, equities research analysts predict that Canaan will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new position in shares of Canaan in the fourth quarter worth $46,000. SG Americas Securities LLC bought a new position in shares of Canaan in the first quarter worth $43,000. Goldman Sachs Group Inc. grew its stake in shares of Canaan by 52.0% in the first 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 in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Canaan by 228.1% in the third quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock worth $586,000 after purchasing an additional 462,240 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after purchasing an additional 777,019 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

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.