Canaan (NASDAQ:CAN) Coverage Initiated at Northland Securities

Northland Securities assumed coverage on shares of Canaan (NASDAQ:CAN - Free Report) in a research note published on Wednesday, Marketbeat Ratings reports. The firm issued a market perform rating and a $1.50 price target on the stock.

Several other research firms also recently commented on CAN. Benchmark reduced their price objective on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. HC Wainwright reissued a "buy" rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. Rosenblatt Securities reissued a "buy" rating and issued a $5.00 target price on shares of Canaan in a research report on Monday, June 16th. Finally, Compass Point assumed coverage on Canaan in a research report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Canaan currently has a consensus rating of "Hold" and an average price target of $2.67.

Canaan Stock Performance

NASDAQ CAN traded down $0.02 during trading hours on Wednesday, hitting $0.61. The company's stock had a trading volume of 33,305,735 shares, compared to its average volume of 15,580,692. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The company's 50 day simple moving average is $0.70 and its two-hundred day simple moving average is $1.35. The company has a market cap of $226.95 million, a P/E ratio of -0.60 and a beta of 3.32. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) 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 business had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. During the same quarter in the previous year, the business posted ($2.16) earnings per share. As a group, sell-side analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its board has authorized a share buyback plan on Tuesday, May 27th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Canaan by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company's stock valued at $17,960,000 after buying an additional 223,241 shares in the last quarter. Invesco Ltd. lifted its position in shares of Canaan by 5,016.8% during the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company's stock valued at $6,351,000 after buying an additional 7,093,743 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Canaan during the 4th quarter valued at about $9,584,000. Vident Advisory LLC lifted its position in shares of Canaan by 2,306.4% during the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock valued at $8,839,000 after buying an additional 4,132,539 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Canaan by 15.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company's stock valued at $3,460,000 after buying an additional 525,772 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other 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.