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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a $2.25 target price on the stock.

CAN has been the subject of several other research reports. Wall Street Zen downgraded shares of Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Benchmark lowered their price target on shares of Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. B. Riley Financial cut their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a research report on Friday, November 21st. BTIG Research reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Wednesday, February 11th. Finally, HC Wainwright restated a “buy” rating and set a $1.50 target price on shares of Canaan in a research report on Wednesday, February 11th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Canaan has an average rating of “Moderate Buy” and a consensus price target of $2.21.

Canaan Stock Performance

Canaan stock opened at $0.48 on Monday. Canaan has a fifty-two week low of $0.43 and a fifty-two week high of $2.22. The company has a market capitalization of $178.99 million, a price-to-earnings ratio of -1.00 and a beta of 2.58. The stock has a fifty day moving average of $0.61 and a two-hundred day moving average of $0.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.93 and a current ratio of 3.31.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Tuesday, February 10th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The company had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $25.30 million. Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. On average, analysts anticipate that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its board has authorized a stock buyback program on Wednesday, December 17th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. SBI Securities Co. Ltd. increased its stake in shares of Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after acquiring an additional 49,206 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Canaan in the fourth quarter worth approximately $46,000. Goldman Sachs Group Inc. boosted its position in shares of Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after acquiring an additional 200,869 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Canaan by 135.5% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after purchasing an additional 777,019 shares during the period. Hedge funds and other institutional investors 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.