Canaan (NASDAQ:CAN) Research Coverage Started at B. Riley

B. Riley initiated coverage on shares of Canaan (NASDAQ:CAN) in a report released on Wednesday morning, Marketbeat reports. The brokerage issued a buy rating and a $2.00 price target on the stock. B. Riley also issued estimates for Canaan’s Q3 2024 earnings at ($0.15) EPS, Q4 2024 earnings at ($0.08) EPS, Q1 2025 earnings at ($0.02) EPS, Q2 2025 earnings at $0.03 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at $0.08 EPS.

A number of other analysts have also issued reports on CAN. HC Wainwright reissued a buy rating and issued a $3.00 price target on shares of Canaan in a research report on Friday, August 16th. Rosenblatt Securities started coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a buy rating and a $3.00 price objective on the stock. Finally, Nomura Securities raised shares of Canaan to a hold rating in a research note on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $3.38.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $1.01 on Wednesday. The company has a market capitalization of $283.02 million, a PE ratio of -0.49 and a beta of 3.08. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. The stock has a fifty day moving average of $0.99 and a 200-day moving average of $1.08. Canaan has a one year low of $0.72 and a one year high of $3.50.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The firm had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. As a group, equities analysts anticipate that Canaan will post -0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan in the second quarter valued at $34,000. IvyRock Asset Management HK Ltd acquired a new stake in shares of Canaan during the 1st quarter worth about $73,000. XTX Topco Ltd acquired a new stake in shares of Canaan during the 2nd quarter worth about $79,000. Chesapeake Capital Corp IL bought a new position in Canaan during the 4th quarter valued at about $81,000. Finally, Impact Partnership Wealth LLC boosted its position in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

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.