Canaan (NASDAQ:CAN) Stock Price Target Lowered at BTIG Research

Canaan (NASDAQ:CAN) had its target price trimmed by BTIG Research from $2.00 to $1.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

CAN has been the subject of a number of other research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $0.75 price objective on shares of Canaan in a research report on Tuesday, September 15th. JonesTrading upgraded shares of Canaan to a “strong-buy” rating in a research note on Saturday, September 26th. Weiss Ratings cut shares of Canaan from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 16th. B. Riley Financial cut their target price on shares of Canaan from $2.00 to $1.50 and set a “buy” rating on the stock in a report on Thursday, October 1st. Finally, Zacks Research downgraded Canaan from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1.35.

Canaan Price Performance

Shares of NASDAQ CAN opened at $0.18 on Wednesday. Canaan has a twelve month low of $0.15 and a twelve month high of $1.15. The company has a current ratio of 2.86, a quick ratio of 1.67 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $128.77 million, a price-to-earnings ratio of -0.47 and a beta of 2.56. The business has a 50 day simple moving average of $0.29 and a 200-day simple moving average of $0.38.

Canaan shares are set to reverse split before the market opens on Friday, December 4th. The 1-25 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, December 3rd.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Tuesday, November 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $14.54 million for the quarter, compared to analysts’ expectations of $2.05 million. Canaan had a negative return on equity of 68.58% and a negative net margin of 86.26%. During the same period last year, the business posted ($0.00) earnings per share. As a group, equities research analysts expect that Canaan will post -0.39 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

A hedge fund recently bought a new stake in Canaan stock. Vontobel Holding Ltd. acquired a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 423,658 shares of the company’s stock, valued at approximately $146,000. Vontobel Holding Ltd. owned about 0.06% of Canaan as of its most recent SEC filing. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Key Canaan News

Here’s some of the latest news about CAN:

• Positive Sentiment: Canaan launched an initial $20 million share repurchase under a broader $100 million board authorization, which may support shareholder value. Canaan announces share repurchase program
• Positive Sentiment: The company reported a key grid-connection milestone for its 1 GW Duval County, Texas power project and is developing a second 1 GW project, advancing its strategy to expand into power and AI/HPC infrastructure. Canaan’s Texas power and AI/HPC plans
• Negative Sentiment: Canaan plans a 1-for-25 ADS reverse split effective around December 4. The split does not itself change shareholders’ proportional ownership, but it underscores the stock’s very low trading price and may add volatility. Canaan announces ADS ratio change

About Canaan

Canaan Inc. is a technology company that develops application-specific integrated circuit (ASIC) products and related computing solutions. The company is best known for its Avalon series of Bitcoin mining machines, which are designed to perform the specialized computations required to validate transactions and support blockchain networks. In addition to cryptocurrency-mining equipment, Canaan develops high-performance computing hardware and artificial intelligence (AI) solutions. Its product portfolio has included AI accelerator chips, edge-computing devices and related software or systems intended for applications such as intelligent transportation, security, robotics and other data-intensive technologies.