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

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 - Free Report) had its target price cut by Rosenblatt Securities from $5.00 to $4.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented 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 report on Wednesday, May 21st. Wall Street Zen cut shares of Canaan from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Northland Capmk upgraded Canaan to a "hold" rating in a research note on Wednesday, June 18th. Northland Securities began coverage on Canaan in a research report on Wednesday, June 18th. They set a "market perform" rating and a $1.50 price objective for the company. Finally, B. Riley lowered their target price on Canaan from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $2.50.

Canaan Stock Down 1.0%

Shares of NASDAQ:CAN traded down $0.0065 during trading on Friday, reaching $0.6640. 25,341,303 shares of the company traded hands, compared to its average volume of 27,584,674. The firm has a fifty day simple moving average of $0.72 and a 200 day simple moving average of $0.90. The company has a quick ratio of 1.11, a current ratio of 1.78 and a debt-to-equity ratio of 0.07. Canaan has a 1-year low of $0.5347 and a 1-year high of $3.27. The firm has a market cap of $247.60 million, a P/E ratio of -0.74 and a beta of 3.25.

Canaan (NASDAQ:CAN - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.10. Canaan had a negative return on equity of 92.49% and a negative net margin of 77.01%.The firm had revenue of $13.95 million during the quarter, compared to analysts' expectations of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. Analysts anticipate that Canaan will post -0.74 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Canaan

Several institutional investors have recently bought and sold shares of CAN. JPMorgan Chase & Co. bought a new stake in shares of Canaan during the 4th quarter valued at $402,000. Russell Investments Group Ltd. bought a new stake in shares of Canaan in the 4th quarter valued at about $856,000. Renaissance Technologies LLC acquired a new stake in shares of Canaan in the fourth quarter valued at approximately $3,689,000. Raymond James Financial Inc. acquired a new position in shares of Canaan in the fourth quarter valued at $33,000. Finally, Walleye Capital LLC acquired a new stake in Canaan during the fourth quarter worth approximately $430,000. Institutional investors 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.