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

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

A number of other equities research analysts also recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, January 21st. Benchmark lowered their price objective on Canaan from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Wall Street Zen downgraded Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. B. Riley Financial decreased their target price on shares of Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. Finally, BTIG Research reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $2.21.

Canaan Stock Down 2.3%

Canaan stock opened at $0.52 on Tuesday. Canaan has a one year low of $0.43 and a one year high of $2.22. The stock has a fifty day moving average of $0.67 and a 200 day moving average of $0.90. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.93 and a current ratio of 3.31. The stock has a market cap of $193.39 million, a PE ratio of -1.08 and a beta of 2.85.

Canaan (NASDAQ:CAN) last announced its earnings results 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). Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%.The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $25.30 million. As a group, sell-side analysts predict that Canaan will post -0.74 EPS for the current year.

Canaan announced that its Board of Directors has initiated a share repurchase plan on Wednesday, December 17th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Canaan

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Canaan in the 2nd quarter valued at $355,000. SBI Securities Co. Ltd. grew its position in shares of Canaan by 32.1% during the second 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 in the last quarter. Goldman Sachs Group Inc. increased its holdings 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 purchasing an additional 200,869 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Canaan in the fourth quarter worth about $46,000. 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.