Canaan's (CAN) "Buy" Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN - Free Report) in a report released on Tuesday,Benzinga reports. They currently have a $5.00 price objective on the stock.

A number of other research firms have also commented on CAN. HC Wainwright reiterated a "buy" rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th. Wall Street Zen downgraded Canaan from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Benchmark dropped their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. Northland Capmk raised Canaan to a "hold" rating in a research note on Wednesday, June 18th. Finally, Compass Point initiated 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.67.

Canaan Price Performance

CAN stock traded up $0.00 during midday trading on Tuesday, reaching $0.72. 38,485,618 shares of the stock were exchanged, compared to its average volume of 16,861,692. The stock has a market capitalization of $268.64 million, a PE ratio of -0.71 and a beta of 3.29. Canaan has a 52 week low of $0.53 and a 52 week 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. The company has a fifty day moving average price of $0.67 and a 200 day moving average price of $1.15.

Canaan declared that its board has authorized 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 repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company's stock worth $516,000 after buying an additional 200,869 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 during the period. GMT Capital Corp acquired a new position in Canaan during the 1st quarter worth approximately $86,000. Virtu Financial LLC acquired a new position in Canaan during the 1st quarter worth approximately $320,000. Finally, Invesco Ltd. raised its stake in Canaan by 5,016.8% during 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 during the period. 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.