Canaan (NASDAQ:CAN) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Canaan (NASDAQ:CAN) in a research report report published on Tuesday,Benzinga reports. Rosenblatt Securities currently has a $2.25 price objective on the stock.

Other analysts have also recently issued research reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $1.50 price objective on shares of Canaan in a research note on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, January 21st. B. Riley Financial dropped their price objective on 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 reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Wednesday, February 11th. Finally, Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2.21.

Canaan Stock Up 16.0%

Shares of CAN stock opened at $0.50 on Tuesday. The firm’s 50-day moving average is $0.68 and its 200-day moving average is $0.91. The stock has a market cap of $185.59 million, a price-to-earnings ratio of -1.04 and a beta of 2.85. 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 has a 52-week low of $0.43 and a 52-week high of $2.22.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, February 10th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%.The business had revenue of $196.27 million for the quarter, compared to the consensus estimate of $25.30 million. Sell-side analysts predict that Canaan will post -0.74 EPS for the current year.

Canaan announced that its board has authorized a stock repurchase plan on Wednesday, December 17th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Canaan

Several hedge funds have recently bought and sold shares of the business. Virtu Financial LLC bought a new position in shares of Canaan in the fourth quarter valued at $46,000. SBI Securities Co. Ltd. raised its holdings 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 worth $125,000 after acquiring an additional 49,206 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the 2nd quarter worth about $355,000. Finally, Goldman Sachs Group Inc. boosted 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 during 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.