Canaan (NASDAQ:CAN) Upgraded at Northland Capmk

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

Other equities analysts have also issued reports about the company. Compass Point began coverage on Canaan in a research note on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target on the stock. Northland Securities began coverage on Canaan in a research note on Wednesday. They issued a "market perform" rating and a $1.50 price target on the stock. HC Wainwright restated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. Rosenblatt Securities reiterated a "buy" rating and set a $5.00 target price on shares of Canaan in a report on Monday, June 16th. Finally, Benchmark cut their target price on shares of Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $2.67.

Canaan Stock Performance

Shares of CAN traded down $0.02 during midday trading on Wednesday, reaching $0.61. 33,305,735 shares of the stock were exchanged, compared to its average volume of 15,580,692. The company has a market capitalization of $226.95 million, a price-to-earnings ratio of -0.60 and a beta of 3.32. Canaan has a twelve month low of $0.53 and a twelve month high of $3.27. The business's 50-day moving average price is $0.70 and its 200 day moving average price is $1.35. 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 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). 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 for the quarter, compared to analysts' expectations of $88.50 million. During the same quarter last year, the company posted ($2.16) earnings per share. On average, sell-side analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its Board of Directors has approved a share repurchase program on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Canaan

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