Canaan (NASDAQ:CAN) Price Target Lowered to $5.00 at Rosenblatt Securities

Canaan (NASDAQ:CAN - Get Free Report) had its price target decreased by analysts at Rosenblatt Securities from $8.00 to $5.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock.

A number of other analysts also recently issued reports on the stock. Compass Point started coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective for the company. Benchmark reduced their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $2.90.

Canaan Stock Down 2.6%

Shares of NASDAQ:CAN opened at $0.74 on Wednesday. The company's 50-day moving average price is $0.81 and its two-hundred day moving average price is $1.52. The firm has a market cap of $209.22 million, a P/E ratio of -0.54 and a beta of 3.26. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The business had revenue of $88.77 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm earned ($2.16) EPS. As a group, research analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in shares of Canaan during the 4th quarter worth about $32,000. Raymond James Financial Inc. purchased a new stake in Canaan in the fourth quarter valued at approximately $33,000. Wellington Management Group LLP purchased a new position in shares of Canaan during the fourth quarter worth $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan in the 4th quarter valued at $79,000. Finally, GTS Securities LLC boosted its holdings in Canaan by 137.7% during the 4th quarter. GTS Securities LLC now owns 67,648 shares of the company's stock valued at $139,000 after acquiring an additional 39,183 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

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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