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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research note released on Friday morning,Benzinga reports. The firm currently has a $8.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the stock. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. Compass Point initiated coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Trading Up 3.8 %

NASDAQ CAN opened at $0.67 on Friday. The firm has a market cap of $189.93 million, a PE ratio of -0.50 and a beta of 3.48. Canaan has a 1-year low of $0.65 and a 1-year high of $3.27. The stock has a 50-day moving average of $1.22 and a 200-day moving average of $1.57. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share 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 company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. During the same quarter in the previous year, the firm posted ($2.16) EPS. As a group, sell-side analysts forecast that Canaan will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP bought a new position in Canaan in the fourth quarter worth $48,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Canaan in the 4th quarter worth about $1,389,000. GTS Securities LLC increased its stake in shares of Canaan by 137.7% in the 4th quarter. GTS Securities LLC now owns 67,648 shares of the company’s stock worth $139,000 after acquiring an additional 39,183 shares in the last quarter. Connective Capital Management LLC purchased a new position in Canaan during the 4th quarter valued at about $388,000. Finally, Vident Advisory LLC boosted its stake in Canaan by 2,306.4% during the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after acquiring an additional 4,132,539 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Company Profile

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.