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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN - Free Report) in a research report sent to investors on Friday morning,Benzinga reports. Rosenblatt Securities currently has a $8.00 target price on the stock.

Several other equities research analysts also recently issued reports on the company. HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a "buy" rating and a $2.50 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Canaan currently has an average rating of "Moderate Buy" and an average price target of $3.88.

Canaan Price Performance

Shares of CAN traded down $0.04 during mid-day trading on Friday, hitting $0.71. 5,394,547 shares of the company were exchanged, compared to its average volume of 11,815,578. The stock has a market cap of $200.20 million, a price-to-earnings ratio of -0.53 and a beta of 3.48. Canaan has a 1-year low of $0.65 and a 1-year high of $3.27. The company has a 50 day moving average of $1.17 and a 200-day moving average of $1.57. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

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Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($1.29). The company had revenue of $88.77 million for the quarter, compared to analysts' expectations of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same quarter in the previous year, the business posted ($2.16) EPS. Analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new stake in shares of Canaan during the 4th quarter worth $32,000. Raymond James Financial Inc. acquired a new stake in Canaan in the fourth quarter valued at $33,000. Wellington Management Group LLP purchased a new stake in Canaan during the 4th quarter worth about $48,000. Chesapeake Capital Corp IL purchased a new stake in Canaan during the 4th quarter worth about $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Canaan during the 4th quarter worth about $83,000. Institutional investors and hedge funds 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.