HC Wainwright Reaffirms Buy Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued to investors on Thursday,Benzinga reports. They presently have a $3.00 target price on the stock. HC Wainwright’s price objective points to a potential upside of 229.45% from the company’s previous close.

A number of other brokerages have also commented on CAN. Compass Point assumed coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price objective on shares of Canaan in a research report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Canaan currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Price Performance

Shares of Canaan stock opened at $0.91 on Thursday. The stock has a market capitalization of $256.41 million, a price-to-earnings ratio of -0.67 and a beta of 3.39. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a fifty day simple moving average of $1.52 and a 200-day simple moving average of $1.59.

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

Institutional Trading of Canaan

Institutional investors have recently made changes to their positions in the business. Tidal Investments LLC bought a new position in shares of Canaan during the fourth quarter valued at $9,584,000. Vident Advisory LLC boosted its position in 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 buying an additional 4,132,539 shares in the last quarter. Marshall Wace LLP bought a new stake in Canaan during the fourth quarter worth about $5,343,000. Renaissance Technologies LLC acquired a new stake in shares of Canaan during the fourth quarter worth approximately $3,689,000. Finally, Millennium Management LLC raised its stake in shares of Canaan by 139.7% in the fourth quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock valued at $5,758,000 after acquiring an additional 1,637,019 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.