Canaan (NASDAQ:CAN) Upgraded at Wall Street Zen

Key Points

• Canaan has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, with a consensus rating of "Moderate Buy" among analysts.
• The stock currently trades at around $0.77, with a 52-week range between $0.53 and $3.27, and has a market capitalization of approximately $287.95 million.
• Canaan reported better-than-expected earnings, with a loss of $0.03 per share, surpassing the projected loss of $0.13, and had a revenue of $13.95 million in its last quarter.

Canaan (NASDAQ:CAN - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other research analysts have also recently issued reports on the stock. Northland Capmk raised shares of Canaan to a "hold" rating in a report on Wednesday, June 18th. Benchmark decreased their price target on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Wednesday, May 21st. Northland Securities assumed coverage on shares of Canaan in a report on Wednesday, June 18th. They issued a "market perform" rating and a $1.50 price target for the company. Rosenblatt Securities reduced their target price on shares of Canaan from $5.00 to $4.00 and set a "buy" rating for the company in a report on Friday. Finally, B. Riley reduced their target price on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Thursday, July 10th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $2.50.

Canaan Trading Down 0.7%

NASDAQ:CAN opened at $0.77 on Friday. Canaan has a 52 week low of $0.53 and a 52 week high of $3.27. The firm has a 50 day moving average of $0.72 and a 200 day moving average of $0.93. 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 has a market capitalization of $287.95 million, a price-to-earnings ratio of -0.86 and a beta of 3.25.

Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.10. Canaan had a negative net margin of 77.01% and a negative return on equity of 96.52%. The company had revenue of $13.95 million during the quarter, compared to analysts' expectations of $13.29 million. As a group, sell-side analysts anticipate that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its board has approved a stock buyback plan on Tuesday, May 27th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. JPMorgan Chase & Co. acquired a new stake in Canaan during the fourth quarter valued at $402,000. Russell Investments Group Ltd. acquired a new stake in Canaan during the fourth quarter valued at $856,000. Renaissance Technologies LLC acquired a new stake in Canaan during the fourth quarter valued at $3,689,000. Raymond James Financial Inc. acquired a new stake in Canaan during the fourth quarter valued at $33,000. Finally, Walleye Capital LLC acquired a new stake in Canaan during the fourth quarter valued at $430,000. Institutional investors and hedge funds own 70.14% of the company's stock.

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.

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