Canaan Inc. (NASDAQ:CAN) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Canaan Inc. (NASDAQ:CAN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $2.90.

A number of research analysts have recently commented on CAN shares. Benchmark cut their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Rosenblatt Securities decreased their price objective on shares of Canaan from $8.00 to $5.00 and set a "buy" rating for the company in a research report on Wednesday, May 21st. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target for the company. Finally, HC Wainwright reissued a "buy" rating and set a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th.

Canaan Stock Up 2.1%

NASDAQ:CAN traded up $0.01 on Friday, reaching $0.62. 28,197,693 shares of the stock traded hands, compared to its average volume of 14,464,974. The company's fifty day simple moving average is $0.73 and its 200 day simple moving average is $1.46. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The company has a market capitalization of $232.35 million, a price-to-earnings ratio of -0.46 and a beta of 3.32. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Canaan (NASDAQ:CAN - Get Free Report) last announced its 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 business had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. During the same quarter last year, the firm posted ($2.16) earnings per share. Equities analysts predict that Canaan will post -0.74 EPS for the current fiscal year.

Canaan announced that its board has initiated a stock repurchase program on Tuesday, May 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Certuity LLC purchased a new stake in shares of Canaan during the fourth quarter valued at $205,000. Van ECK Associates Corp increased its holdings in shares of Canaan by 12.9% during the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock valued at $21,255,000 after acquiring an additional 1,187,796 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Canaan during the 4th quarter valued at about $102,000. IFP Advisors Inc grew its holdings in Canaan by 4,234.0% in the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company's stock valued at $156,000 after buying an additional 74,349 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Canaan in the 4th quarter valued at approximately $83,000. 70.14% of the stock is currently owned by institutional investors.

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.