Canaan (NASDAQ:CAN) Price Target Cut to $2.50 by Analysts at Rosenblatt Securities

Canaan (NASDAQ:CAN) had its price objective trimmed by Rosenblatt Securities from $4.00 to $2.50 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

CAN has been the topic of several other reports. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. B. Riley Financial lowered their target price on Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a report on Friday, November 21st. BTIG Research reiterated a “buy” rating on shares of Canaan in a report on Friday, January 16th. Benchmark boosted their price target on Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $2.75.

Canaan Trading Up 2.8%

Shares of Canaan stock opened at $0.61 on Monday. The stock’s fifty day moving average price is $0.78 and its 200-day moving average price is $0.92. The firm has a market cap of $226.24 million, a P/E ratio of -0.89 and a beta of 2.85. Canaan has a 12 month low of $0.50 and a 12 month high of $2.22.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $21.17 million during the quarter, compared to analyst estimates of $18.26 million. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. During the same period in the prior year, the firm earned ($0.01) earnings per share. Analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Canaan announced that its board has approved a share repurchase plan on Wednesday, December 17th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Canaan

Hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. raised its position in shares of Canaan by 32.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after purchasing an additional 49,206 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Canaan during the 2nd quarter worth approximately $355,000. Finally, Goldman Sachs Group Inc. increased its stake in Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company’s core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan’s mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.

The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.