Canaan (NASDAQ:CAN) Given New $5.00 Price Target at Rosenblatt Securities

Canaan (NASDAQ:CAN) had its target price reduced by Rosenblatt Securities from $8.00 to $5.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on CAN. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Thursday, March 27th. Benchmark cut their target price on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Compass Point initiated coverage on Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 target price on the stock. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $2.90.

Canaan Stock Performance

CAN opened at $0.63 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a 52-week low of $0.53 and a 52-week high of $3.27. The firm has a market cap of $178.41 million, a P/E ratio of -0.47 and a beta of 3.26. The business’s fifty day moving average is $0.78 and its 200-day moving average is $1.50.

Canaan (NASDAQ:CAN) last announced its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $88.50 million. During the same quarter in the previous year, the company earned ($2.16) earnings per share. Sell-side analysts expect that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently made changes to their positions in CAN. EntryPoint Capital LLC acquired a new position in Canaan during the 4th quarter worth approximately $32,000. Raymond James Financial Inc. acquired a new stake in Canaan in the fourth quarter valued at approximately $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan during the fourth quarter worth $48,000. Chesapeake Capital Corp IL bought a new stake in shares of Canaan during the fourth quarter worth $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Canaan during the fourth quarter worth $83,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.