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

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research note released on Monday morning,Benzinga reports. Rosenblatt Securities currently has a $4.00 price objective on the stock.

Other equities analysts have also recently issued reports about the company. Compass Point assumed coverage on Canaan in a research note on Monday, September 15th. They set a “buy” rating on the stock. Northland Securities set a $1.75 price target on shares of Canaan in a report on Friday, October 3rd. Wall Street Zen upgraded shares of Canaan from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Benchmark raised their target price on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Zacks Research raised shares of Canaan from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2.96.

Canaan Trading Down 1.8%

Shares of NASDAQ:CAN opened at $0.78 on Monday. The company has a 50-day moving average price of $1.20 and a 200-day moving average price of $0.91. The company has a market cap of $290.86 million, a price-to-earnings ratio of -1.15 and a beta of 2.87. Canaan has a 12 month low of $0.53 and a 12 month high of $2.98.

Canaan (NASDAQ:CAN) last posted its earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $21.17 million for the quarter, compared to analysts’ expectations of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same period last year, the firm earned ($0.01) earnings per share. As a group, research analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Canaan announced that its Board of Directors has approved a share buyback plan on Wednesday, December 17th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. GMT Capital Corp bought a new stake in Canaan during the first quarter worth about $86,000. SBI Securities Co. Ltd. boosted its position 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 purchased a new stake in shares of Canaan in the 2nd quarter worth approximately $355,000. Goldman Sachs Group Inc. raised its stake in Canaan by 52.0% during 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 during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Canaan by 15.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock valued at $3,460,000 after buying an additional 525,772 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors.

About Canaan

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.