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

Canaan (NASDAQ:CAN - Get Free Report) had its price objective lowered by Rosenblatt Securities from $8.00 to $5.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock.

Several other research analysts have also issued reports on CAN. HC Wainwright reaffirmed a "buy" rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. Benchmark decreased their price target on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. Finally, Compass Point assumed coverage on shares of Canaan in a report on Tuesday, March 18th. They set a "buy" rating and a $2.50 target price for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Canaan currently has an average rating of "Moderate Buy" and a consensus target price of $2.90.

Canaan Stock Performance

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 current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. Canaan has a 52-week low of $0.53 and a 52-week high of $3.27. The stock has a market cap of $178.41 million, a P/E ratio of -0.47 and a beta of 3.26. The stock's 50-day moving average is $0.78 and its 200 day moving average is $1.51.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $88.77 million for the quarter, compared to analysts' expectations 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 in the prior year, the business earned ($2.16) EPS. As a group, analysts anticipate that Canaan will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CAN. EntryPoint Capital LLC purchased a new position in shares of Canaan during the fourth quarter worth $32,000. Raymond James Financial Inc. purchased a new stake in shares of Canaan during the fourth quarter worth $33,000. Wellington Management Group LLP acquired a new stake in shares of Canaan in the fourth quarter valued at $48,000. Chesapeake Capital Corp IL purchased a new position in Canaan in the fourth quarter valued at $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in Canaan during the 4th quarter worth $83,000. Institutional investors and hedge funds 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.