Rosenblatt Securities Cuts Canaan (NASDAQ:CAN) Price Target to $4.00

Key Points

• Rosenblatt Securities has reduced its price target for Canaan (NASDAQ:CAN) from $5.00 to $4.00, while maintaining a "buy" rating, which implies a potential upside of 414.20% from the last close.
• Canaan's stock currently has a consensus rating of "Hold" with an average price target of $2.50, with several analysts revising their ratings and price objectives in recent months.
• Institutional investors hold 70.14% of Canaan's shares, indicating strong interest and support for the company's stock among major financial players.

Canaan (NASDAQ:CAN - Get Free Report) had its price objective decreased by analysts at Rosenblatt Securities from $5.00 to $4.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Rosenblatt Securities' target price would suggest a potential upside of 414.20% from the company's previous close.

Other equities research analysts have also issued research reports about the company. Northland Capmk upgraded Canaan to a "hold" rating in a research report on Wednesday, June 18th. Benchmark cut their price objective 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. Wall Street Zen downgraded shares of Canaan from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Northland Securities began coverage on Canaan in a research report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 target price on the stock. Finally, B. Riley reduced their price target on Canaan from $3.00 to $2.00 and set a "buy" rating for the company in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $2.50.

Canaan Stock Performance

Shares of CAN stock opened at $0.78 on Friday. Canaan has a 52-week low of $0.53 and a 52-week high of $3.27. 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 cap of $290.08 million, a PE ratio of -0.76 and a beta of 3.25. The business has a 50-day simple moving average of $0.72 and a 200-day simple moving average of $0.94.

Canaan declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 27th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new stake in Canaan in the 4th quarter valued at $402,000. Russell Investments Group Ltd. purchased a new position in Canaan during the fourth quarter worth about $856,000. Renaissance Technologies LLC acquired a new position in Canaan in the 4th quarter valued at about $3,689,000. Raymond James Financial Inc. acquired a new position in Canaan in the 4th quarter valued at about $33,000. Finally, Walleye Capital LLC acquired a new stake in shares of Canaan during the 4th quarter worth approximately $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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