Canaan Stock Price Target Cut to $2 as Mining Demand Slumps

Canaan Inc.'s stock price target has been lowered to $2.00 by BTIG, while maintaining a Buy rating.

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

Weaker Bitcoin prices continued to weigh on both product sales and mining operations, with a gross profit margin standing at just 3.45% for the last twelve months.

Canaan sold approximately 2.5 exahash of computing power in the second quarter, a 40% decline from the prior quarter due to weaker Bitcoin prices and a shift by public miners to high-performance computing and artificial intelligence.