Canaan (NASDAQ:CAN) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Canaan (NASDAQ:CAN) from a hold rating to a sell rating in a report released on Saturday.

Other equities research analysts have also issued reports about the company. Benchmark lifted their price target on Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Rosenblatt Securities restated a “buy” rating and set a $4.00 price target on shares of Canaan in a research note on Thursday. BTIG Research restated a “buy” rating on shares of Canaan in a report on Friday. Finally, B. Riley decreased their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a report on Friday, November 21st. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Canaan presently has an average rating of “Moderate Buy” and an average price target of $2.96.

Canaan Stock Down 3.8%

CAN stock opened at $0.79 on Friday. The company has a 50 day moving average of $0.87 and a two-hundred day moving average of $0.94. Canaan has a 12-month low of $0.53 and a 12-month high of $2.39. The company has a market cap of $294.14 million, a price-to-earnings ratio of -1.16 and a beta of 2.88.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $21.17 million during the quarter, compared to analyst estimates of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same period last year, the company earned ($0.01) earnings per share. On average, research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan declared that its board has initiated a share repurchase plan on Wednesday, December 17th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently bought and sold shares of CAN. Goldman Sachs Group Inc. increased 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 during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan in the 2nd quarter worth approximately $355,000. Finally, SBI Securities Co. Ltd. increased its position in Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after buying an additional 49,206 shares during the period. 70.14% of the stock is currently owned by institutional investors.

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.