Canaan’s (CAN) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Canaan (NASDAQ:CAN) in a report published on Monday,Benzinga reports. They currently have a $5.00 price target on the stock.

A number of other brokerages have also weighed in on CAN. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. Compass Point assumed coverage on shares of Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective on the stock. Finally, Benchmark reduced their price objective on shares of Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2.67.

Canaan Trading Down 4.5%

Shares of CAN stock opened at $0.63 on Monday. Canaan has a 1-year low of $0.53 and a 1-year high of $3.27. The company has a current ratio of 1.50, a quick ratio of 1.11 and a debt-to-equity ratio of 0.09. The stock has a market cap of $233.62 million, a price-to-earnings ratio of -0.61 and a beta of 3.32. The stock has a 50-day moving average of $0.70 and a 200-day moving average of $1.38.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The firm had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. Canaan had a negative return on equity of 98.53% and a negative net margin of 93.62%. During the same quarter last year, the company earned ($2.16) earnings per share. On average, equities research analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Canaan declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

Several institutional investors have recently added to or reduced their stakes in CAN. Private Advisor Group LLC purchased a new stake in shares of Canaan during the fourth quarter worth $102,000. IFP Advisors Inc grew its holdings in Canaan by 4,234.0% during the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company’s stock valued at $156,000 after buying an additional 74,349 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Canaan in the fourth quarter worth about $83,000. Victory Capital Management Inc. purchased a new position in Canaan during the fourth quarter valued at approximately $598,000. Finally, Raymond James Financial Inc. bought a new stake in Canaan during the 4th quarter worth approximately $33,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.