BTIG Slashes Canaan Stock Price Target to $2 Amid Weak Crypto Demand

Canaan Inc., a leading manufacturer of mining equipment for cryptocurrencies, saw its stock price target lowered by BTIG to $2.00 from $3.00 while maintaining a Buy rating on Monday.

The company reported second-quarter 2026 earnings with revenue of approximately $32 million, which fell short of the consensus estimate of $65 million and its previous guidance range of $35 million to $45 million.

Weaker cryptocurrency prices continued to weigh on both product sales and mining operations, resulting in a gross profit margin of just 3.45% for the last twelve months due to severe pricing pressure in the mining equipment market.