Canaan (NASDAQ:CAN) to Repurchase $0.00 in Stock

Canaan (NASDAQ:CAN - Get Free Report) declared that its Board of Directors has approved a share buyback plan on Tuesday, May 27th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Canaan Stock Down 5.5%

Canaan stock traded down $0.03 during midday trading on Friday, hitting $0.60. 40,132,754 shares of the stock were exchanged, compared to its average volume of 14,116,854. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27. The firm has a market cap of $168.22 million, a P/E ratio of -0.44 and a beta of 3.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The company has a 50 day moving average price of $0.74 and a two-hundred day moving average price of $1.47.

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). The company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same period in the previous year, the firm posted ($2.16) EPS. On average, sell-side analysts predict that Canaan will post -0.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CAN has been the topic of a number of research reports. Compass Point initiated coverage on shares of Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 target price on the stock. Rosenblatt Securities dropped their price target on shares of Canaan from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Wednesday, May 21st. HC Wainwright reaffirmed a "buy" rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, March 27th. Finally, Benchmark dropped their price target 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. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $2.90.

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.