Canaan (NASDAQ:CAN) Stock Rating Upgraded by Northland Capmk

Canaan (NASDAQ:CAN) was upgraded by equities researchers at Northland Capmk to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. Northland Securities started coverage on shares of Canaan in a report on Wednesday. They set a “market perform” rating and a $1.50 price objective on the stock. Benchmark cut their target price on shares of Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, May 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.00 price target on shares of Canaan in a research note on Monday. Finally, Compass Point started coverage on Canaan in a research note on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2.67.

Canaan Stock Down 4.5%

CAN opened at $0.63 on Wednesday. The company has a fifty day moving average of $0.70 and a two-hundred day moving average of $1.37. The stock has a market capitalization of $233.62 million, a price-to-earnings ratio of -0.61 and a beta of 3.32. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $3.27. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.11 and a current ratio of 1.50.

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 analysts’ consensus estimates of ($0.88) by ($1.29). The business had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. Canaan had a negative return on equity of 98.53% and a negative net margin of 93.62%. During the same period in the previous year, the company posted ($2.16) EPS. On average, research analysts expect that Canaan will post -0.74 earnings per share for the current year.

Canaan announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Canaan

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