Canaan (NASDAQ:CAN) Cut to Sell at 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 research note issued on Saturday.

Other analysts also recently issued research reports about the stock. Northland Securities began coverage on shares of Canaan in a research report on Wednesday. They issued a "market perform" rating and a $1.50 price target for the company. 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 research note on Wednesday, May 21st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $5.00 target price on shares of Canaan in a report on Monday, June 16th. Northland Capmk raised Canaan to a "hold" rating in a report on Wednesday. Finally, Compass Point started coverage on Canaan in a research report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Canaan presently has an average rating of "Hold" and an average target price of $2.67.

Canaan Stock Performance

Shares of Canaan stock traded down $0.02 on Friday, hitting $0.61. The stock had a trading volume of 33,305,735 shares, compared to its average volume of 15,580,692. The stock has a market cap of $226.95 million, a price-to-earnings ratio of -0.60 and a beta of 3.32. The company has a current ratio of 1.50, a quick ratio of 1.11 and a debt-to-equity ratio of 0.09. Canaan has a 52-week low of $0.53 and a 52-week high of $3.27. The company's 50 day moving average price is $0.70 and its 200 day moving average price is $1.35.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate 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 last year, the firm earned ($2.16) EPS. On average, research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new stake in Canaan in the 4th quarter valued at approximately $32,000. Raymond James Financial Inc. acquired a new stake in shares of Canaan in the 4th quarter valued at approximately $33,000. Wellington Management Group LLP acquired a new stake in shares of Canaan in the 4th quarter valued at approximately $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan in the fourth quarter valued at approximately $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in Canaan during the fourth quarter worth $83,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.