Canaan (NASDAQ:CAN) Earns Buy Rating from HC Wainwright

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They presently have a $3.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 229.45% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Compass Point started coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Canaan in a research note on Thursday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.88.

Canaan Stock Down 0.7 %

CAN opened at $0.91 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The company has a market capitalization of $256.41 million, a PE ratio of -0.67 and a beta of 3.39. The stock’s fifty day moving average is $1.52 and its 200-day moving average is $1.59. Canaan has a one year low of $0.72 and a one year high of $3.27.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. The business had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. During the same quarter last year, the firm posted ($2.16) earnings per share. On average, equities analysts predict that Canaan will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently bought and sold shares of CAN. EntryPoint Capital LLC purchased a new stake in shares of Canaan during the fourth quarter worth $32,000. Raymond James Financial Inc. acquired a new stake in shares of Canaan during the 4th quarter valued at about $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan in the 4th quarter valued at approximately $48,000. Chesapeake Capital Corp IL acquired a new position in Canaan in the fourth quarter worth approximately $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in Canaan in the fourth quarter worth approximately $83,000. Hedge funds and other 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.