Canaan’s (CAN) “Buy” Rating Reiterated at Rosenblatt Securities

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a research note issued to investors on Friday,Benzinga reports. They currently have a $8.00 price target on the stock.

Other analysts have also recently issued research reports about the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. Compass Point assumed coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Canaan currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Price Performance

Shares of CAN opened at $0.65 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The stock has a market cap of $183.65 million, a PE ratio of -0.48 and a beta of 3.48. Canaan has a 12-month low of $0.65 and a 12-month high of $3.27. The business has a 50-day simple moving average of $1.24 and a two-hundred day simple moving average of $1.58.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($1.29). Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. The firm had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. During the same period in the prior year, the company earned ($2.16) EPS. Analysts anticipate that Canaan will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canaan

Large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC bought a new position in shares of Canaan during the 4th quarter worth approximately $9,584,000. Vident Advisory LLC increased its stake in Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock valued at $8,839,000 after purchasing an additional 4,132,539 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Canaan during the fourth quarter valued at about $5,343,000. Renaissance Technologies LLC bought a new position in shares of Canaan during the 4th quarter worth about $3,689,000. Finally, Millennium Management LLC increased its position in Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock valued at $5,758,000 after buying an additional 1,637,019 shares in the last quarter. Institutional investors and hedge funds 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.