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 published on Monday morning,Benzinga reports. They currently have a $2.25 price objective on the stock.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. Benchmark cut their price objective on shares of Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. HC Wainwright restated a “buy” rating and set a $1.50 price objective on shares of Canaan in a research report on Wednesday, February 11th. Wall Street Zen cut shares of Canaan from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Wednesday, February 11th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Canaan presently has an average rating of “Moderate Buy” and a consensus price target of $2.17.

Canaan Stock Performance

Shares of CAN stock opened at $0.46 on Monday. The company has a market cap of $170.42 million, a P/E ratio of -0.95 and a beta of 2.57. The firm has a fifty day moving average price of $0.60 and a 200 day moving average price of $0.88. The company has a current ratio of 3.31, a quick ratio of 1.93 and a debt-to-equity ratio of 0.06. Canaan has a 12 month low of $0.43 and a 12 month high of $2.22.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Tuesday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The business had revenue of $196.27 million during the quarter, compared to analyst estimates of $25.30 million. Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. Sell-side analysts predict that Canaan will post -0.74 earnings per share for the current fiscal 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 buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

Several large investors have recently modified their holdings of CAN. SBI Securities Co. Ltd. raised its position in Canaan by 155.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock valued at $1,172,000 after purchasing an additional 1,034,040 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after buying an additional 777,019 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after buying an additional 200,869 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of Canaan during the fourth quarter worth about $46,000. 70.14% of the stock is owned by institutional investors and hedge funds.

About Canaan

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.