Canaan (NASDAQ:CAN) Lowered to "Sell" Rating by Wall Street Zen

Canaan (NASDAQ:CAN - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Other equities analysts have also recently issued reports about the company. Benchmark lowered their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Compass Point started coverage on Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective for the company. Rosenblatt Securities restated a "buy" rating and set a $5.00 target price on shares of Canaan in a research note on Monday, June 16th. Northland Securities started coverage on shares of Canaan in a report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price target on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $2.67.

Canaan Stock Up 6.7%

CAN stock traded up $0.04 on Friday, reaching $0.65. 24,704,956 shares of the company traded hands, compared to its average volume of 15,675,607. The firm has a fifty day simple moving average of $0.70 and a 200-day simple moving average of $1.32. The company has a market cap of $242.20 million, a P/E ratio of -0.64 and a beta of 3.32. Canaan has a one year low of $0.53 and a one year high of $3.27. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11.

Canaan (NASDAQ:CAN - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative net margin of 93.62% and a negative return on equity of 98.53%. During the same quarter in the prior year, the business posted ($2.16) earnings per share. Research analysts anticipate that Canaan will post -0.74 earnings per share for the current year.

Canaan announced that its board has approved a stock repurchase program on Tuesday, May 27th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Canaan

Institutional investors have recently bought and sold shares of the stock. EntryPoint Capital LLC purchased a new stake in Canaan in the 4th quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new position in shares of Canaan during the 4th quarter valued at $33,000. Wellington Management Group LLP purchased a new stake in Canaan in the 4th quarter worth $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan during the fourth quarter worth about $79,000. Finally, SBI Securities Co. Ltd. bought a new stake in Canaan during the 4th quarter valued at approximately $83,000. 70.14% of the stock is 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.