Canaan Inc. Sponsored ADR (NASDAQ:CAN) Given Consensus Rating of "Moderate Buy" by Analysts

Shares of Canaan Inc. Sponsored ADR (NASDAQ:CAN - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eight brokerages that are presently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $2.67.

A number of research firms recently commented on CAN. Northland Securities initiated coverage on Canaan in a report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 target price for the company. Rosenblatt Securities restated a "buy" rating and set a $5.00 price objective on shares of Canaan in a research note on Monday, June 16th. Benchmark dropped their price objective 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. HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Finally, 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 target price for the company.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently added to or reduced their stakes in CAN. Goldman Sachs Group Inc. increased its stake in shares of Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company's stock worth $516,000 after purchasing an additional 200,869 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Canaan by 15.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company's stock worth $3,460,000 after buying an additional 525,772 shares in the last quarter. GMT Capital Corp acquired a new position in shares of Canaan during the first quarter valued at approximately $86,000. Virtu Financial LLC purchased a new position in shares of Canaan in the first quarter valued at approximately $320,000. Finally, Invesco Ltd. boosted its stake in shares of Canaan by 5,016.8% in the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock worth $6,351,000 after acquiring an additional 7,093,743 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company's stock.

Canaan Trading Up 6.7%

Shares of Canaan stock opened at $0.65 on Wednesday. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27. The firm's 50 day simple moving average is $0.69 and its two-hundred day simple moving average is $1.32. The company has a current ratio of 1.50, a quick ratio of 1.11 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $242.20 million, a price-to-earnings ratio of -0.64 and a beta of 3.32.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($2.17) 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 analyst estimates of $88.50 million. Canaan had a negative return on equity of 98.53% and a negative net margin of 93.62%. During the same period in the prior year, the firm posted ($2.16) EPS. Analysts predict that Canaan will post -0.74 EPS for the current year.

Canaan declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 27th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

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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