Equities research analysts at Northland Securities started coverage on shares of Canaan (NASDAQ:CAN - Get Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a "market perform" rating and a $1.50 price target on the stock. Northland Securities' price target indicates a potential upside of 128.66% from the stock's current price.
Several other equities research analysts have also recently commented on the company. Benchmark dropped their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. HC Wainwright reaffirmed a "buy" rating and set a $3.00 target price on shares of Canaan in a report on Thursday, March 27th. Compass Point started coverage on Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price on the stock. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $5.00 price objective on shares of Canaan in a research note on Monday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Canaan currently has a consensus rating of "Moderate Buy" and an average target price of $2.67.
View Our Latest Stock Report on Canaan
Canaan Stock Performance
Canaan stock opened at $0.66 on Wednesday. Canaan has a twelve month low of $0.53 and a twelve month high of $3.27. The company has a quick ratio of 1.11, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The stock's 50 day moving average is $0.70 and its 200 day moving average is $1.38. The company has a market capitalization of $244.62 million, a P/E ratio of -0.64 and a beta of 3.32.
Canaan (NASDAQ:CAN - Get Free Report) last issued its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($1.29). Canaan had a negative return on equity of 98.53% and a negative net margin of 93.62%. The firm had revenue of $88.77 million during the quarter, compared to analysts' expectations of $88.50 million. During the same period last year, the firm posted ($2.16) earnings per share. On average, equities research analysts predict that Canaan will post -0.74 earnings per share for the current fiscal year.
Canaan announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 27th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Institutional Investors Weigh In On Canaan
A number of hedge funds have recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in shares of Canaan during the 4th quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new stake in Canaan during the fourth quarter valued at approximately $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan in the 4th quarter valued at approximately $48,000. Chesapeake Capital Corp IL bought a new stake in Canaan in the fourth quarter worth $79,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Canaan during the 4th quarter worth about $83,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.
About Canaan
(
Get Free Report)
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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