Canaan (NASDAQ:CAN) Now Covered by B. Riley

B. Riley started coverage on shares of Canaan (NASDAQ:CAN) in a research note published on Wednesday morning, MarketBeat reports. The brokerage issued a buy rating and a $2.00 target price 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.

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

Canaan Price Performance

Shares of CAN stock opened at $1.01 on Wednesday. Canaan has a 1 year low of $0.72 and a 1 year high of $3.50. The company has a current ratio of 2.88, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $0.99 and its 200-day moving average is $1.08. The firm has a market capitalization of $283.02 million, a price-to-earnings ratio of -0.49 and a beta of 3.08.

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. The firm had revenue of $71.86 million for the quarter, compared to the consensus estimate of $51.90 million. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. Sell-side analysts forecast that Canaan will post -0.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

Institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Canaan in the 4th quarter valued at $159,000. Chesapeake Capital Corp IL bought a new stake in shares of Canaan in the fourth quarter worth $81,000. Hel Ved Capital Management Ltd acquired a new position in Canaan during the fourth quarter worth $1,655,000. Nomura Holdings Inc. increased its stake in Canaan by 1,463.2% in the 4th quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after buying an additional 1,190,557 shares during the last quarter. Finally, BRIGHT VALLEY CAPITAL Ltd bought a new stake in Canaan during the 4th quarter worth about $982,000. Institutional investors 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.