B. Riley Initiates Coverage on Canaan (NASDAQ:CAN)

B. Riley began coverage on shares of Canaan (NASDAQ:CAN) in a research note released on Wednesday morning, MarketBeat Ratings 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.

CAN has been the subject of several other research reports. HC Wainwright reaffirmed a buy rating and set a $3.00 target price on shares of Canaan in a report on Friday, August 16th. Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They set a buy rating and a $3.00 price objective for the company. Finally, Nomura Securities raised Canaan to a hold rating in a research report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $3.38.

Canaan Stock Performance

Shares of NASDAQ CAN opened at $1.01 on Wednesday. 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 company has a market capitalization of $283.02 million, a P/E ratio of -0.50 and a beta of 3.08. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50. The stock has a 50 day moving average of $0.99 and a 200-day moving average of $1.08.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating 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 business had revenue of $71.86 million during the quarter, compared to the consensus estimate of $51.90 million. As a group, equities research analysts predict that Canaan will post -0.6 EPS for the current year.

Hedge Funds Weigh In On Canaan

A number of hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp grew its position in Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after buying an additional 3,482,283 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Canaan by 33.6% during the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock worth $8,185,000 after purchasing an additional 1,354,333 shares in the last quarter. Nomura Holdings Inc. grew its holdings in shares of Canaan by 1,463.2% during the 4th quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock worth $2,938,000 after purchasing an additional 1,190,557 shares in the last quarter. Baader Bank Aktiengesellschaft increased its position in shares of Canaan by 54.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock worth $824,000 after purchasing an additional 289,629 shares during the period. Finally, SRN Advisors LLC raised its stake in Canaan by 4.9% in the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after purchasing an additional 34,382 shares in the last quarter. 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.