Canaan (NASDAQ:CAN) Now Covered by Analysts at Benchmark

Benchmark began coverage on shares of Canaan (NASDAQ:CAN - Free Report) in a research report report published on Tuesday morning, Marketbeat reports. The brokerage issued a buy rating and a $3.00 target price on the stock.

CAN has been the topic of a number of other research reports. Compass Point started coverage on Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price on the stock. HC Wainwright reiterated a "buy" rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $8.00 target price on shares of Canaan in a research note on Friday, April 11th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Canaan has an average rating of "Moderate Buy" and a consensus target price of $3.70.

Canaan Trading Up 14.9 %

CAN stock traded up $0.10 during mid-day trading on Tuesday, reaching $0.75. 45,550,081 shares of the stock traded hands, compared to its average volume of 12,466,574. Canaan has a one year low of $0.53 and a one year high of $3.27. The stock has a market capitalization of $210.79 million, a PE ratio of -0.55 and a beta of 3.26. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The business has a 50-day moving average price of $0.85 and a two-hundred day moving average price of $1.53.

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 analysts' consensus estimates of ($0.88) by ($1.29). The firm had revenue of $88.77 million during the quarter, compared to analysts' expectations 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 company earned ($2.16) earnings per share. Equities research analysts expect that Canaan will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC bought a new stake in shares of Canaan in the 4th quarter valued at about $9,584,000. Vident Advisory LLC increased its position in shares of Canaan by 2,306.4% during the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock worth $8,839,000 after purchasing an additional 4,132,539 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Canaan during the 4th quarter valued at $5,343,000. Renaissance Technologies LLC purchased a new stake in shares of Canaan during the 4th quarter valued at $3,689,000. Finally, Millennium Management LLC boosted its position in shares of Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock worth $5,758,000 after purchasing an additional 1,637,019 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company's stock.

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.