Canaan (NASDAQ:CAN) Price Target Lowered to $2.50 at Rosenblatt Securities

Canaan (NASDAQ:CAN) had its target price decreased by Rosenblatt Securities from $4.00 to $2.50 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 323.80% from the stock’s current price.

Several other brokerages also recently weighed in on CAN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. BTIG Research restated a “buy” rating on shares of Canaan in a research note on Friday, January 16th. Benchmark increased their target price on shares of Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. B. Riley Financial lowered their target price on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. Finally, Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2.75.

Canaan Stock Up 17.7%

Shares of NASDAQ:CAN opened at $0.59 on Monday. The company’s 50-day moving average price is $0.78 and its 200 day moving average price is $0.93. The company has a market cap of $219.97 million, a PE ratio of -0.87 and a beta of 2.85. Canaan has a fifty-two week low of $0.50 and a fifty-two week high of $2.22.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $21.17 million for the quarter, compared to analyst estimates of $18.26 million. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. During the same quarter last year, the business earned ($0.01) earnings per share. As a group, equities analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan declared that its board has initiated a share repurchase program on Wednesday, December 17th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Canaan

Several large investors have recently made changes to their positions in CAN. SBI Securities Co. Ltd. raised its holdings in shares of Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after purchasing an additional 49,206 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan in the second quarter worth approximately $355,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after buying an additional 200,869 shares in the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.