B. Riley Financial Cuts Canaan (NASDAQ:CAN) Price Target to $1.50

Canaan (NASDAQ:CAN) had its target price decreased by B. Riley Financial from $2.00 to $1.50 in a research report report published on Thursday morning,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on CAN. JonesTrading raised shares of Canaan to a “strong-buy” rating in a research note on Saturday, September 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canaan in a research note on Friday, August 14th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $0.75 price target on shares of Canaan in a report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1.75.

Canaan Stock Performance

Shares of CAN opened at $0.35 on Thursday. The firm has a market cap of $250.82 million, a P/E ratio of -0.80 and a beta of 2.63. Canaan has a twelve month low of $0.15 and a twelve month high of $2.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.67 and a current ratio of 2.86. The firm’s 50 day moving average price is $0.31 and its two-hundred day moving average price is $0.37.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Saturday, August 15th. The company reported ($0.14) earnings per share (EPS) for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%.The company had revenue of $31.86 million for the quarter. On average, analysts forecast that Canaan will post -0.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Canaan stock. SG Americas Securities LLC purchased a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $43,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company’s best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan’s proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.