Canaan's (CAN) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN - Free Report) in a research note published on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock.

Several other equities analysts have also commented on the stock. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Canaan in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Canaan currently has an average rating of "Moderate Buy" and a consensus target price of $3.88.

Canaan Stock Down 4.8 %

CAN traded down $0.04 during trading on Thursday, hitting $0.87. The stock had a trading volume of 6,744,675 shares, compared to its average volume of 11,331,514. The stock has a 50 day simple moving average of $1.52 and a two-hundred day simple moving average of $1.60. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. The company has a market capitalization of $244.13 million, a PE ratio of -0.64 and a beta of 3.39.

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Canaan (NASDAQ:CAN - Get Free Report) last announced its earnings results 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 return on equity of 60.37% and a negative net margin of 128.85%. The business had revenue of $88.77 million for the quarter, compared to analysts' expectations of $88.50 million. During the same quarter last year, the firm earned ($2.16) earnings per share. On average, research analysts predict that Canaan will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Canaan

Large investors have recently bought and sold shares of the company. Quadrature Capital Ltd lifted its stake in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock valued at $550,000 after acquiring an additional 418,052 shares during the period. Baader Bank Aktiengesellschaft raised its holdings in shares of Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after purchasing an additional 968,347 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Canaan during the fourth quarter worth $2,807,000. Private Advisor Group LLC acquired a new position in Canaan during the fourth quarter valued at $102,000. Finally, State Street Corp boosted its holdings in Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company's stock valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. 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.