Analysts Set Canaan Inc. (NASDAQ:CAN) Target Price at $2.90

Canaan Inc. (NASDAQ:CAN) has been given an average rating of “Moderate Buy” by the six analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $2.90.

Several analysts have issued reports on the company. Compass Point assumed coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target for the company. Rosenblatt Securities cut their price objective on Canaan from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Wednesday, May 21st. Benchmark cut their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, May 21st. Finally, HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new position in shares of Canaan during the 4th quarter valued at about $32,000. Raymond James Financial Inc. bought a new position in shares of Canaan during the 4th quarter valued at about $33,000. Wellington Management Group LLP bought a new position in Canaan during the fourth quarter valued at approximately $48,000. Chesapeake Capital Corp IL bought a new position in Canaan during the fourth quarter valued at approximately $79,000. Finally, GTS Securities LLC boosted its stake in Canaan by 137.7% during the fourth quarter. GTS Securities LLC now owns 67,648 shares of the company’s stock valued at $139,000 after buying an additional 39,183 shares during the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

Canaan Stock Performance

Shares of NASDAQ CAN opened at $0.60 on Friday. The firm has a 50 day moving average of $0.74 and a 200 day moving average of $1.47. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $168.89 million, a price-to-earnings ratio of -0.44 and a beta of 3.26. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. During the same period in the previous year, the firm earned ($2.16) EPS. On average, research analysts anticipate that Canaan will post -0.74 earnings per share for the current year.

Canaan declared that its board has authorized a share repurchase program on Tuesday, May 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.