Rosenblatt Securities Reiterates Buy Rating for Canaan (NASDAQ:CAN)

Key Points

• Rosenblatt Securities has reiterated a buy rating for Canaan (NASDAQ:CAN) with a price target of $4.00, suggesting a potential upside of 186.74% from the current stock price.
• Recent reports show mixed analyst opinions on Canaan, with five analysts rating it as a buy, three as hold, and one as sell, resulting in an average rating of "Hold" and a consensus price target of $2.54.
• Canaan's stock price rose by 28.0% recently, trading at $1.40, with significant trading volume of over 72 million shares.

Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Rosenblatt Securities in a research note issued on Monday,Benzinga reports. They presently have a $4.00 price target on the stock. Rosenblatt Securities' target price would indicate a potential upside of 186.74% from the company's previous close.

Several other brokerages have also recently commented on CAN. B. Riley decreased 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. Northland Capmk raised Canaan to a "hold" rating in a research note on Wednesday, June 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Canaan in a research report on Wednesday, October 8th. Zacks Research upgraded Canaan from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Compass Point started coverage on Canaan in a research note on Monday, September 15th. They issued a "buy" rating for the company. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $2.54.

Canaan Stock Up 28.0%

NASDAQ:CAN traded up $0.31 on Monday, hitting $1.40. 72,917,619 shares of the company's stock traded hands, compared to its average volume of 31,222,834. The company has a market cap of $520.20 million, a PE ratio of -1.55 and a beta of 3.49. The firm has a 50-day moving average price of $0.83 and a 200-day moving average price of $0.76. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07.

Canaan (NASDAQ:CAN - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $13.29 million. Canaan has set its Q3 2025 guidance at EPS. Equities analysts anticipate that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

A number of hedge funds and other institutional investors have recently bought and sold shares of CAN. GMT Capital Corp bought a new stake in Canaan during the 1st quarter worth $86,000. SBI Securities Co. Ltd. grew its position in shares of Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company's stock valued at $125,000 after buying an additional 49,206 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Canaan in the 1st quarter valued at about $320,000. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Canaan in the 2nd quarter valued at about $355,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Canaan by 52.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company's stock valued at $516,000 after buying an additional 200,869 shares during the last quarter. 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.

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