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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a report issued on Thursday,Benzinga reports. They presently have a $4.00 price objective on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 357.09% from the company’s current price.

CAN has been the topic of several other reports. B. Riley dropped their price target on Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research report on Friday, November 21st. Benchmark boosted their target price on Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Wall Street Zen raised Canaan from a “sell” rating to a “hold” rating in a report on Saturday, January 3rd. BTIG Research initiated coverage on shares of Canaan in a research note on Monday, December 8th. They set a “buy” rating and a $3.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $2.96.

Canaan Price Performance

CAN opened at $0.88 on Thursday. The stock has a market capitalization of $326.32 million, a P/E ratio of -1.29 and a beta of 2.88. Canaan has a 12 month low of $0.53 and a 12 month high of $2.39. The business has a 50 day simple moving average of $0.89 and a 200-day simple moving average of $0.94.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.The firm had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. During the same period in the previous year, the firm posted ($0.01) EPS. Research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan announced that its Board of Directors has initiated a stock buyback program on Wednesday, December 17th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Canaan

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Canaan by 135.5% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after purchasing an additional 777,019 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Canaan by 228.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock worth $586,000 after buying an additional 462,240 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after buying an additional 200,869 shares in the last quarter. 70.14% of the stock is owned by institutional investors.

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.