Canaan (NASDAQ:CAN) Upgraded at Northland Capmk

Canaan (NASDAQ:CAN - Get Free Report) was upgraded by equities research analysts at Northland Capmk to a "hold" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also issued reports on the stock. Benchmark lowered their target price on shares of Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. Northland Securities assumed coverage on Canaan in a research note on Wednesday. They issued a "market perform" rating and a $1.50 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and set a $5.00 price objective on shares of Canaan in a research report on Monday. 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, HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Canaan has a consensus rating of "Moderate Buy" and an average target price of $2.67.

Canaan Stock Down 2.6%

Canaan stock traded down $0.02 during mid-day trading on Wednesday, hitting $0.61. 17,564,907 shares of the company's stock were exchanged, compared to its average volume of 15,510,945. Canaan has a 1-year low of $0.53 and a 1-year high of $3.27. The stock has a 50 day moving average of $0.70 and a two-hundred day moving average of $1.37. The stock has a market cap of $227.47 million, a P/E ratio of -0.60 and a beta of 3.32. The company has a current ratio of 1.50, a quick ratio of 1.11 and a debt-to-equity ratio of 0.09.

Canaan (NASDAQ:CAN - Get Free Report) last issued its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). Canaan had a negative net margin of 93.62% and a negative return on equity of 98.53%. The company had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. During the same period in the prior year, the company posted ($2.16) EPS. As a group, analysts anticipate that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its board has approved a stock repurchase plan on Tuesday, May 27th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Canaan

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in shares of Canaan in the fourth quarter valued at $92,000. Millennium Management LLC increased its holdings in Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock valued at $5,758,000 after buying an additional 1,637,019 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Canaan in the 4th quarter valued at $33,000. Private Advisor Group LLC acquired a new position in shares of Canaan in the 4th quarter valued at $102,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Canaan during the 4th quarter valued at about $598,000. 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.