Rosenblatt Securities Reiterates "Buy" Rating for Canaan (NASDAQ:CAN)

Rosenblatt Securities reissued their buy rating on shares of Canaan (NASDAQ:CAN - Free Report) in a report issued on Tuesday,Benzinga reports. Rosenblatt Securities currently has a $5.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the company. Northland Capmk upgraded Canaan to a "hold" rating in a report on Wednesday, June 18th. Benchmark dropped their price target 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. Northland Securities began coverage on shares of Canaan in a research report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price objective on the stock. Compass Point began coverage on Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. One 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $2.67.

Canaan Price Performance

CAN stock traded up $0.02 during trading hours on Tuesday, hitting $0.72. 40,944,362 shares of the stock traded hands, compared to its average volume of 16,437,464. The stock has a 50-day simple moving average of $0.68 and a 200 day simple moving average of $1.18. The company has a market cap of $266.77 million, a P/E ratio of -0.70 and a beta of 3.29. Canaan has a one year low of $0.53 and a one year high of $3.27. 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 declared that its board has initiated a stock buyback program on Tuesday, May 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently added to or reduced their stakes in CAN. Invesco Ltd. raised its holdings in shares of Canaan by 5,016.8% in the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock worth $6,351,000 after buying an additional 7,093,743 shares in the last quarter. Tidal Investments LLC acquired a new position in Canaan during the fourth quarter worth $9,584,000. Vident Advisory LLC raised its stake in 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 acquiring an additional 4,132,539 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Canaan during the fourth quarter valued at $5,343,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Canaan in the 4th quarter valued at $3,689,000. 70.14% of the stock is owned by institutional investors and hedge funds.

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.