Canaan Inc. (NASDAQ:CAN) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Canaan Inc. (NASDAQ:CAN - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $3.70.

A number of equities research analysts have commented on CAN shares. Rosenblatt Securities restated a "buy" rating and issued a $8.00 price target on shares of Canaan in a report on Friday, April 11th. Benchmark started coverage on Canaan in a research report on Tuesday. They issued a "buy" rating and a $3.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, March 27th. Finally, Compass Point assumed coverage on Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price objective for the company.

Institutional Investors Weigh In On Canaan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC lifted its holdings in Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock worth $104,000 after acquiring an additional 26,920 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Canaan during the 4th quarter valued at $2,807,000. Baader Bank Aktiengesellschaft raised its stake in shares of Canaan by 287.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after purchasing an additional 968,347 shares during the period. Certuity LLC purchased a new position in shares of Canaan in the 4th quarter worth about $205,000. Finally, Van ECK Associates Corp grew its position in Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock valued at $21,255,000 after buying an additional 1,187,796 shares during the period. Hedge funds and other institutional investors own 70.14% of the company's stock.

Canaan Trading Down 2.7 %

NASDAQ CAN traded down $0.02 during mid-day trading on Tuesday, reaching $0.61. 13,016,625 shares of the stock were exchanged, compared to its average volume of 11,850,738. The stock has a market cap of $170.36 million, a P/E ratio of -0.45 and a beta of 3.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. Canaan has a one year low of $0.57 and a one year high of $3.27. The stock has a 50 day simple moving average of $0.90 and a 200-day simple moving average of $1.55.

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

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.

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