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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $8.00 price target on the stock.

A number of other equities analysts have also weighed in on the company. Compass Point started coverage on Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Trading Down 2.5 %

NASDAQ:CAN opened at $0.92 on Thursday. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $258.15 million, a price-to-earnings ratio of -0.68 and a beta of 3.39. The firm has a fifty day simple moving average of $1.54 and a two-hundred day simple moving average of $1.59.

Canaan (NASDAQ:CAN) last issued its earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. The firm had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. During the same quarter in the prior year, the business earned ($2.16) earnings per share. Analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC purchased a new position in shares of Canaan in the 4th quarter worth about $9,584,000. Vident Advisory LLC boosted its stake in Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock valued at $8,839,000 after acquiring an additional 4,132,539 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Canaan during the 4th quarter valued at approximately $5,343,000. Renaissance Technologies LLC purchased a new stake in shares of Canaan during the 4th quarter worth approximately $3,689,000. Finally, Millennium Management LLC raised its holdings in shares of Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock worth $5,758,000 after purchasing an additional 1,637,019 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

About Canaan

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.