Canaan’s (CAN) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $5.00 target price on the stock.

CAN has been the topic of several other reports. Benchmark reduced their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Compass Point initiated 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. Finally, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Thursday, March 27th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Canaan has an average rating of “Moderate Buy” and a consensus price target of $2.90.

Canaan Trading Up 5.7%

Shares of CAN stock opened at $0.70 on Monday. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27. 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 stock’s 50-day moving average price is $0.71 and its 200-day moving average price is $1.39. The stock has a market capitalization of $262.44 million, a price-to-earnings ratio of -0.52 and a beta of 3.32.

Canaan (NASDAQ:CAN) last issued its earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share (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 firm had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. During the same period last year, the firm posted ($2.16) earnings per share. Equities research analysts predict that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 27th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. EntryPoint Capital LLC purchased a new position in shares of Canaan during the fourth quarter valued at approximately $32,000. Raymond James Financial Inc. purchased a new position in shares of Canaan during the fourth quarter valued at approximately $33,000. Wellington Management Group LLP purchased a new position in shares of Canaan during the fourth quarter valued at approximately $48,000. Chesapeake Capital Corp IL purchased a new position in shares of Canaan during the fourth quarter valued at approximately $79,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Canaan during the fourth quarter valued at approximately $83,000. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.