Canaan (NASDAQ:CAN) Given New $2.00 Price Target at Benchmark

Canaan (NASDAQ:CAN - Get Free Report) had its price objective reduced by stock analysts at Benchmark from $3.00 to $2.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target suggests a potential upside of 162.26% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $8.00 target price on shares of Canaan in a report on Thursday, May 15th. Compass Point initiated coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $3.00 price target 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $3.50.

Canaan Stock Performance

Shares of CAN stock opened at $0.76 on Wednesday. The stock's 50-day moving average is $0.81 and its two-hundred day moving average is $1.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27. The firm has a market cap of $214.73 million, a price-to-earnings ratio of -0.56 and a beta of 3.26.

Canaan (NASDAQ:CAN - Get Free Report) last announced its earnings results 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 firm had revenue of $88.77 million during the quarter, compared to analyst estimates 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 period last year, the company earned ($2.16) earnings per share. Analysts predict that Canaan will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

A number of large investors have recently bought and sold shares of CAN. Invesco Ltd. boosted its holdings in shares of Canaan by 5,016.8% in the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock valued at $6,351,000 after acquiring an additional 7,093,743 shares in the last quarter. Tidal Investments LLC acquired a new stake in Canaan in the fourth quarter valued at about $9,584,000. Vident Advisory LLC lifted its position in Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock valued at $8,839,000 after purchasing an additional 4,132,539 shares during the period. Marshall Wace LLP purchased a new stake in Canaan in the 4th quarter valued at approximately $5,343,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Canaan in the fourth quarter valued at approximately $3,689,000. Hedge funds and other 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.

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