Canaan (NASDAQ:CAN) Earns "Buy" Rating from Rosenblatt Securities

Key Points

• Canaan received a "buy" rating from Rosenblatt Securities, with a price target of $4.00, indicating a potential upside of 387.92% from its current price.
• The company reported earnings of ($0.03) per share, which beat the consensus estimate, and had revenue of $13.95 million for the quarter, exceeding expectations.
• Canaan's stock has a consensus rating of "Moderate Buy" from analysts, with a majority issuing buy ratings and a current average price target of $2.50.

Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $4.00 price objective on the stock. Rosenblatt Securities' price target indicates a potential upside of 387.92% from the company's current price.

CAN has been the topic of a number of other reports. Wall Street Zen upgraded Canaan from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Northland Securities began coverage on Canaan in a research note on Wednesday, June 18th. They issued a "market perform" rating and a $1.50 price target on the stock. B. Riley decreased their target price on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Benchmark decreased their target price on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Wednesday, May 21st. Finally, Zacks Research raised Canaan from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Canaan currently has a consensus rating of "Moderate Buy" and a consensus target price of $2.50.

Canaan Stock Performance

Shares of CAN opened at $0.82 on Friday. The business's fifty day simple moving average is $0.75 and its two-hundred day simple moving average is $0.79. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The company has a market cap of $305.70 million, a price-to-earnings ratio of -0.91 and a beta of 3.45.

Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. The business had revenue of $13.95 million for the quarter, compared to analysts' expectations of $13.29 million. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. Canaan has set its Q3 2025 guidance at EPS. Research analysts anticipate that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its board has approved a share buyback plan on Tuesday, May 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of CAN. BNP Paribas Financial Markets bought a new stake in shares of Canaan in the fourth quarter worth about $92,000. Bank of America Corp DE increased its holdings in shares of Canaan by 27,909.6% in the fourth quarter. Bank of America Corp DE now owns 339,756 shares of the company's stock worth $696,000 after purchasing an additional 338,543 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Canaan in the fourth quarter worth about $296,000. Millennium Management LLC increased its holdings in shares of Canaan by 139.7% in the fourth 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 during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Canaan in the fourth quarter worth about $841,000. 70.14% of the stock is owned by 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.

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