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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock.

Other analysts also recently issued reports about the stock. Benchmark began coverage on shares of Canaan in a research report on Tuesday, May 6th. They set a “buy” rating and a $3.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, March 27th. Finally, Compass Point began coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $3.70.

Canaan Stock Up 4.2%

Shares of CAN stock opened at $0.79 on Thursday. The company has a market capitalization of $223.38 million, a price-to-earnings ratio of -0.59 and a beta of 3.26. Canaan has a one year low of $0.53 and a one year high of $3.27. The company’s fifty day moving average price is $0.82 and its 200-day moving average price is $1.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

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

Institutional Trading of Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of CAN. Invesco Ltd. increased its holdings in Canaan by 5,016.8% in the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after acquiring an additional 7,093,743 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Canaan in the 4th quarter worth about $9,584,000. Vident Advisory LLC increased its holdings in shares of Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after buying an additional 4,132,539 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Canaan in the 4th quarter worth about $5,343,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Canaan in the 4th quarter worth about $3,689,000. 70.14% of the stock is currently 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.