Canaan (NASDAQ:CAN) Given "Buy" Rating at Rosenblatt Securities

Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Rosenblatt Securities in a research report issued on Monday,Benzinga reports. They presently have a $5.00 price objective on the stock.

Other equities analysts also recently issued reports about the stock. Benchmark cut their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $2.90.

Canaan Stock Down 5.1%

NASDAQ:CAN opened at $0.67 on Monday. Canaan has a 1-year low of $0.53 and a 1-year high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $248.35 million, a price-to-earnings ratio of -0.49 and a beta of 3.32. The business's fifty day moving average price is $0.71 and its 200 day moving average price is $1.40.

Canaan (NASDAQ:CAN - Get Free Report) last released its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same quarter in the previous year, the business posted ($2.16) EPS. On average, sell-side analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan declared that its board has authorized a stock buyback plan on Tuesday, May 27th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

Large investors have recently made changes to their positions in the stock. EntryPoint Capital LLC bought a new stake in Canaan in the 4th quarter valued at approximately $32,000. Raymond James Financial Inc. acquired a new stake in Canaan in the 4th quarter valued at $33,000. Wellington Management Group LLP bought a new stake in Canaan during the 4th quarter worth about $48,000. Chesapeake Capital Corp IL bought a new stake in Canaan during the 4th quarter worth about $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Canaan during the 4th quarter worth about $83,000. Institutional investors own 70.14% of the company's stock.

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.

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