Canaan (NASDAQ:CAN) Price Target Lowered to $2.00 at Benchmark

Canaan (NASDAQ:CAN - Free Report) had its price objective decreased by Benchmark from $3.00 to $2.00 in a research note issued to investors on Wednesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other research analysts also recently issued reports on CAN. Compass Point began coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price on the stock. Rosenblatt Securities restated a "buy" rating and set a $8.00 price objective on shares of Canaan in a research report on Thursday, May 15th. Finally, HC Wainwright reissued a "buy" rating and set a $3.00 price objective 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 given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $2.90.

Canaan Stock Down 9.4%

CAN stock traded down $0.07 during midday trading on Wednesday, reaching $0.63. 32,993,475 shares of the company's stock traded hands, compared to its average volume of 13,456,572. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The firm's fifty day moving average price is $0.78 and its 200-day moving average price is $1.51. The company has a market cap of $178.41 million, a price-to-earnings ratio of -0.47 and a beta of 3.26. Canaan has a 52 week low of $0.53 and a 52 week high of $3.27.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CAN. Baader Bank Aktiengesellschaft grew its position in shares of Canaan by 287.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after buying an additional 968,347 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Canaan in the 4th quarter worth approximately $2,807,000. Raymond James Financial Inc. purchased a new position in shares of Canaan in the 4th quarter worth approximately $33,000. Private Advisor Group LLC bought a new position in shares of Canaan during the 4th quarter worth approximately $102,000. Finally, Victory Capital Management Inc. purchased a new stake in Canaan during the fourth quarter valued at approximately $598,000. 70.14% of the stock is currently owned by institutional investors.

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.