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

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

Other analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Tuesday, March 4th. Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $3.88.

Canaan Price Performance

Shares of CAN opened at $0.91 on Thursday. The company’s 50-day moving average is $1.52 and its 200-day moving average is $1.59. 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 firm has a market capitalization of $256.41 million, a PE ratio of -0.67 and a beta of 3.39. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27.

Canaan (NASDAQ:CAN) last released its quarterly 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). Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. The company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. During the same period in the prior year, the company earned ($2.16) earnings per share. Equities analysts forecast that Canaan will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd lifted its holdings in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after acquiring an additional 418,052 shares during the last quarter. State Street Corp increased its position in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares in the last quarter. XTX Topco Ltd boosted its position in Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after buying an additional 153,255 shares in the last quarter. Virtu Financial LLC grew its stake in shares of Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares during the last quarter. Finally, Old Port Advisors bought a new stake in shares of Canaan during the fourth quarter worth $100,000. 70.14% of the stock is owned by institutional investors.

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.