Rosenblatt Securities Reiterates Buy Rating for Canaan (NASDAQ:CAN)

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research report released on Friday,Benzinga reports. They currently have a $8.00 target price on the stock.

CAN has been the subject of several other research reports. 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 target price for the company. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Canaan presently has an average rating of “Moderate Buy” and an average price target of $3.88.

Canaan Stock Up 3.8 %

NASDAQ CAN opened at $0.67 on Friday. The stock has a market capitalization of $189.93 million, a P/E ratio of -0.50 and a beta of 3.48. Canaan has a 52 week low of $0.65 and a 52 week high of $3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The stock has a fifty day moving average of $1.22 and a 200-day moving average of $1.58.

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 return on equity of 60.37% and a negative net margin of 128.85%. The firm had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. During the same period in the prior year, the firm posted ($2.16) earnings per share. On average, equities research analysts forecast that Canaan will post -0.74 EPS for the current year.

Hedge Funds Weigh In On Canaan

Institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC acquired a new stake in Canaan during the 4th quarter worth approximately $9,584,000. Vident Advisory LLC raised its holdings in shares of 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 during the period. Marshall Wace LLP acquired a new stake in shares of Canaan during the fourth quarter worth $5,343,000. Renaissance Technologies LLC acquired a new position in Canaan in the 4th quarter worth $3,689,000. Finally, Millennium Management LLC boosted its stake in 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. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.