Wall Street Zen Upgrades Canaan (NASDAQ:CAN) to “Hold”

Canaan (NASDAQ:CAN) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also commented on CAN. B. Riley dropped their price target on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Thursday, July 10th. Northland Capmk raised Canaan to a “hold” rating in a research note on Wednesday, June 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Canaan in a research note on Friday, September 12th. Zacks Research raised Canaan from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Finally, Northland Securities set a $1.75 price objective on Canaan in a research note on Friday, October 3rd. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.54.

Canaan Price Performance

Shares of Canaan stock opened at $1.09 on Friday. The stock has a 50 day moving average of $0.83 and a 200 day moving average of $0.76. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The firm has a market cap of $404.60 million, a PE ratio of -1.21 and a beta of 3.49. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. Canaan had a negative return on equity of 92.49% and a negative net margin of 77.01%.The company had revenue of $13.95 million during the quarter, compared to analyst estimates of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. On average, research analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Canaan by 15.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock worth $3,460,000 after acquiring an additional 525,772 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Canaan by 5,016.8% during the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock worth $6,351,000 after acquiring an additional 7,093,743 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Canaan by 280.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 153,399 shares of the company’s stock worth $135,000 after acquiring an additional 113,049 shares during the last quarter. GMT Capital Corp bought a new stake in shares of Canaan during the 1st quarter worth approximately $86,000. Finally, Virtu Financial LLC bought a new stake in shares of Canaan during the 1st quarter worth approximately $320,000. 70.14% of the stock is owned by institutional investors.

About Canaan

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.