Canaan (NASDAQ:CAN) Given New $2.50 Price Target at Rosenblatt Securities

Canaan (NASDAQ:CAN) had its price target cut by Rosenblatt Securities from $4.00 to $2.50 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 323.80% from the company’s current price.

Other equities analysts have also issued reports about the company. Benchmark upped their target price on Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. BTIG Research restated a “buy” rating on shares of Canaan in a research note on Friday, January 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. B. Riley Financial decreased their price objective on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a report on Friday, November 21st. Finally, Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Canaan presently has an average rating of “Moderate Buy” and a consensus target price of $2.75.

Canaan Price Performance

Canaan stock opened at $0.59 on Monday. The firm’s fifty day moving average price is $0.78 and its 200 day moving average price is $0.93. The company has a market capitalization of $219.97 million, a price-to-earnings ratio of -0.87 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 announced its earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.The company had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. During the same period last year, the firm earned ($0.01) earnings per share. Analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its Board of Directors has authorized a share buyback program on Wednesday, December 17th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

Institutional investors have recently modified their holdings of the business. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Canaan in the second quarter worth about $355,000. SBI Securities Co. Ltd. raised its position in shares of Canaan by 155.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,698,885 shares of the company’s stock worth $1,172,000 after purchasing an additional 1,034,040 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Canaan by 52.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 shares during the last quarter. Institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

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.