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

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research report report published on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock.

A number of other equities analysts also recently weighed in on the stock. Compass Point assumed coverage on shares of Canaan in a research note on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Price Performance

CAN 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. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. Canaan has a 52-week low of $0.72 and a 52-week high of $3.27. The stock’s fifty day simple moving average is $1.52 and its 200-day simple moving average is $1.60.

Canaan (NASDAQ:CAN) last issued 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). Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The business had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. During the same period in the previous year, the business posted ($2.16) earnings per share. Equities research analysts expect that Canaan will post -0.74 EPS for the current year.

Institutional Investors Weigh In On Canaan

Several large investors have recently made changes to their positions in the business. Quadrature Capital Ltd lifted its holdings in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares in the last quarter. State Street Corp lifted its stake in shares of Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after buying an additional 153,255 shares during the period. Virtu Financial LLC boosted its position in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares during the period. Finally, Old Port Advisors acquired a new stake in shares of Canaan in the fourth quarter valued at about $100,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.