Rosenblatt Securities Reaffirms “Buy” Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a research note issued to investors on Monday,Benzinga reports. They currently have a $2.25 price objective on the stock. Rosenblatt Securities’ target price indicates a potential upside of 363.92% from the stock’s previous close.

A number of other equities research analysts have also issued reports on CAN. Wall Street Zen lowered shares of Canaan from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, January 21st. HC Wainwright restated a “buy” rating and set a $1.50 target price on shares of Canaan in a research note on Wednesday, February 11th. B. Riley Financial cut their price target on Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a research note on Friday, November 21st. Finally, Benchmark cut their target price on Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday, February 11th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $2.21.

Canaan Stock Up 0.2%

NASDAQ CAN traded up $0.00 on Monday, hitting $0.49. The stock had a trading volume of 8,239,313 shares, compared to its average volume of 16,055,815. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.31 and a quick ratio of 1.93. Canaan has a 52-week low of $0.43 and a 52-week high of $2.22. The stock has a market cap of $180.86 million, a price-to-earnings ratio of -1.01 and a beta of 2.58. The business’s fifty day moving average price is $0.62 and its 200 day moving average price is $0.89.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, February 10th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Canaan had a negative net margin of 39.69% and a negative return on equity of 60.70%. The firm had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $25.30 million. Equities research analysts anticipate that Canaan will post -0.74 earnings per share for the current year.

Canaan declared that its Board of Directors has authorized a stock repurchase program on Wednesday, December 17th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

Large investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in Canaan during the 4th quarter worth approximately $46,000. SBI Securities Co. Ltd. grew its stake in Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after buying an additional 49,206 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings 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 worth $516,000 after acquiring an additional 200,869 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Canaan by 135.5% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after buying an additional 777,019 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

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.