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

Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Rosenblatt Securities in a research note issued to investors on Monday,Benzinga reports. They presently have a $5.00 target price on the stock.

A number of other research firms have also commented on CAN. Compass Point began 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. Benchmark reduced their price target on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Finally, 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. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $2.67.

Canaan Price Performance

CAN traded down $0.03 on Monday, reaching $0.63. The stock had a trading volume of 19,722,370 shares, compared to its average volume of 15,499,078. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $3.27. The firm has a 50-day moving average of $0.70 and a 200-day moving average of $1.38. The company has a current ratio of 1.50, a quick ratio of 1.11 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $233.62 million, a price-to-earnings ratio of -0.61 and a beta of 3.32.

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 analysts' consensus estimates of ($0.88) by ($1.29). Canaan had a negative net margin of 93.62% and a negative return on equity of 98.53%. The company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. During the same quarter last year, the firm posted ($2.16) EPS. As a group, sell-side analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

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

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.