Benchmark Issues Pessimistic Forecast for Canaan (NASDAQ:CAN) Stock Price

Canaan (NASDAQ:CAN) had its price target lowered by research analysts at Benchmark from $3.00 to $2.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 162.26% from the stock’s previous close.

Several other analysts also recently issued reports on CAN. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, March 27th. Compass Point assumed coverage on Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $8.00 target price on shares of Canaan in a report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3.50.

Canaan Stock Performance

NASDAQ CAN opened at $0.76 on Wednesday. The business has a 50 day moving average price of $0.81 and a 200 day moving average price of $1.52. The company has a market capitalization of $214.73 million, a P/E ratio of -0.56 and a beta of 3.26. Canaan has a 1-year low of $0.53 and a 1-year high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29). Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. The firm had revenue of $88.77 million during the quarter, compared to analysts’ expectations of $88.50 million. During the same quarter in the prior year, the business earned ($2.16) EPS. Sell-side analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Trading of Canaan

Hedge funds have recently bought and sold shares of the company. Invesco Ltd. raised its holdings in Canaan by 5,016.8% in the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after acquiring an additional 7,093,743 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Canaan during the fourth quarter worth $9,584,000. Vident Advisory LLC grew its position in shares of Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock valued at $8,839,000 after purchasing an additional 4,132,539 shares during the period. Marshall Wace LLP acquired a new position in Canaan in the fourth quarter valued at $5,343,000. Finally, Renaissance Technologies LLC purchased a new position in Canaan during the fourth quarter worth about $3,689,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

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.