Canaan (NASDAQ:CAN) Research Coverage Started at BTIG Research

BTIG Research started coverage on shares of Canaan (NASDAQ:CAN) in a report published on Monday, Marketbeat.com reports. The firm issued a buy rating and a $3.00 price target on the stock.

Several other research firms also recently commented on CAN. Zacks Research raised shares of Canaan from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 20th. Benchmark lifted their target price on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price target on shares of Canaan in a research report on Wednesday, November 19th. Northland Securities set a $1.75 price target on shares of Canaan in a research note on Friday, October 3rd. Finally, Wall Street Zen upgraded shares of Canaan from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Canaan currently has an average rating of “Moderate Buy” and an average price target of $2.96.

Canaan Trading Down 2.3%

Canaan stock opened at $0.94 on Monday. The business’s 50 day simple moving average is $1.24 and its 200 day simple moving average is $0.91. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The company has a market cap of $350.79 million, a price-to-earnings ratio of -1.38 and a beta of 2.87.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $21.17 million for the quarter, compared to analyst estimates of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same period in the previous year, the company posted ($0.01) earnings per share. As a group, equities research analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently bought and sold shares of CAN. GMT Capital Corp purchased a new stake in Canaan in the 1st quarter worth approximately $86,000. SBI Securities Co. Ltd. increased its holdings in shares of Canaan by 32.1% in the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after purchasing an additional 49,206 shares during the period. Virtu Financial LLC bought a new position in shares of Canaan in the first quarter worth $320,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan in the second quarter worth $355,000. Finally, Goldman Sachs Group Inc. boosted its stake in Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after buying an additional 200,869 shares during the period. Institutional investors own 70.14% of the company’s stock.

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.