Rosenblatt Securities Issues Pessimistic Forecast for Canaan (NASDAQ:CAN) Stock Price

Canaan (NASDAQ:CAN) had its price objective reduced by equities researchers at Rosenblatt Securities from $1.30 to $0.75 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target indicates a potential upside of 132.05% from the company’s previous close.

CAN has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canaan in a research report on Friday, August 14th. BTIG Research reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1.92.

Canaan Stock Down 10.2%

CAN stock opened at $0.32 on Wednesday. The stock has a market capitalization of $231.48 million, a P/E ratio of -0.95 and a beta of 2.72. The company has a current ratio of 3.34, a quick ratio of 2.04 and a debt-to-equity ratio of 0.09. Canaan has a 12 month low of $0.15 and a 12 month high of $2.22. The firm has a 50-day moving average price of $0.28 and a 200-day moving average price of $0.39.

Institutional Trading of Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in Canaan during the 4th quarter worth $46,000. SG Americas Securities LLC acquired a new position in Canaan during the 1st quarter worth about $43,000. Finally, Goldman Sachs Group Inc. grew its position 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 valued at $516,000 after buying an additional 200,869 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.