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

Rosenblatt Securities reissued their buy rating on shares of Canaan (NASDAQ:CAN) in a research note released on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a $8.00 price target on the stock.

Several other research firms also recently weighed in on CAN. Compass Point started coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective on the stock. HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.88.

Canaan Stock Performance

Canaan stock opened at $0.92 on Thursday. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The business’s 50-day moving average price is $1.54 and its two-hundred day moving average price is $1.59. The stock has a market cap of $258.15 million, a PE ratio of -0.68 and a beta of 3.39.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EntryPoint Capital LLC bought a new stake in shares of Canaan in the 4th quarter valued at $32,000. Raymond James Financial Inc. acquired a new position in Canaan in the fourth quarter valued at $33,000. Wellington Management Group LLP bought a new stake in Canaan during the fourth quarter valued at $48,000. State Street Corp grew its holdings in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares during the period. Finally, Virtu Financial LLC raised its position in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares in the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.

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.