Rosenblatt Securities Cuts Canaan (NASDAQ:CAN) Price Target to $0.75

Canaan (NASDAQ:CAN) had its price target trimmed by Rosenblatt Securities from $1.30 to $0.75 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently commented on CAN. Weiss Ratings restated a “sell (e+)” rating on shares of Canaan in a report on Friday, August 14th. BTIG Research reiterated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and an average price target of $1.92.

Canaan Stock Performance

NASDAQ:CAN opened at $0.34 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.86 and a quick ratio of 2.04. The firm has a market cap of $241.08 million, a PE ratio of -0.77 and a beta of 2.72. The firm has a 50 day simple moving average of $0.28 and a 200-day simple moving average of $0.38. Canaan has a 1-year low of $0.15 and a 1-year high of $2.22.

Canaan (NASDAQ:CAN) last announced its earnings results on Saturday, August 15th. The company reported ($0.14) earnings per share (EPS) for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%.The firm had revenue of $31.86 million for the quarter. On average, equities analysts expect that Canaan will post -0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Virtu Financial LLC acquired a new stake in Canaan during the fourth quarter worth about $46,000. SG Americas Securities LLC purchased a new position in shares of Canaan in the 1st quarter worth about $43,000. Finally, Goldman Sachs Group Inc. lifted its stake 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 valued at $516,000 after purchasing an additional 200,869 shares in the last quarter. Institutional investors and hedge funds 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.