Canaan (NASDAQ:CAN) Receives New Coverage from Analysts at B. Riley

B. Riley assumed coverage on shares of Canaan (NASDAQ:CAN) in a research note published on Wednesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $2.00 price objective on the stock.

A number of other research firms also recently issued reports on CAN. HC Wainwright reissued a buy rating and issued a $3.00 target price on shares of Canaan in a research report on Friday, August 16th. Rosenblatt Securities began coverage on Canaan in a research note on Wednesday, September 11th. They issued a buy rating and a $3.00 price objective on the stock. Finally, Nomura Securities upgraded shares of Canaan to a hold rating in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $3.38.

Canaan Trading Down 0.9 %

NASDAQ CAN opened at $1.07 on Wednesday. The business’s fifty day moving average is $0.99 and its 200-day moving average is $1.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The stock has a market capitalization of $299.84 million, a price-to-earnings ratio of -0.52 and a beta of 3.08. Canaan has a one year low of $0.72 and a one year high of $3.50.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative net margin of 158.65% and a negative return on equity of 59.66%. The business had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. Equities research analysts predict that Canaan will post -0.6 EPS for the current year.

Institutional Investors Weigh In On Canaan

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp grew its stake in Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Canaan by 33.6% during the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after purchasing an additional 1,354,333 shares in the last quarter. Nomura Holdings Inc. increased its holdings in shares of Canaan by 1,463.2% in the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock worth $2,938,000 after purchasing an additional 1,190,557 shares during the period. Baader Bank Aktiengesellschaft raised its position in shares of Canaan by 54.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock worth $824,000 after buying an additional 289,629 shares in the last quarter. Finally, SRN Advisors LLC boosted its stake in Canaan by 4.9% during the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after buying an additional 34,382 shares during the period. 70.14% of the stock is currently owned by institutional investors.

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.