Northland Securities Begins Coverage on Canaan (NASDAQ:CAN)

Northland Securities assumed coverage on shares of Canaan (NASDAQ:CAN) in a research report released on Wednesday morning, MarketBeat reports. The brokerage issued a market perform rating and a $1.50 target price on the stock.

CAN has been the subject of several other reports. Compass Point began coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, March 27th. Benchmark reduced their price target on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, May 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $5.00 price objective on shares of Canaan in a report on Monday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2.67.

Canaan Trading Down 4.5%

NASDAQ:CAN opened at $0.63 on Wednesday. The stock’s 50-day moving average is $0.70 and its two-hundred day moving average is $1.38. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.11. The stock has a market cap of $233.62 million, a PE ratio of -0.61 and a beta of 3.32. Canaan has a fifty-two week low of $0.53 and a fifty-two week high of $3.27.

Canaan (NASDAQ:CAN) last released 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 net margin of 93.62% and a negative return on equity of 98.53%. The company had revenue of $88.77 million during the quarter, compared to analyst estimates of $88.50 million. During the same quarter in the prior year, the company posted ($2.16) EPS. As a group, equities research analysts forecast that Canaan will post -0.74 earnings per share for the current fiscal year.

Canaan announced that its Board of Directors has initiated a share buyback program on Tuesday, May 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Canaan

A number of large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its holdings in Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Canaan by 15.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock valued at $3,460,000 after acquiring an additional 525,772 shares during the period. GMT Capital Corp bought a new stake in Canaan during the first quarter valued at about $86,000. Virtu Financial LLC bought a new stake in Canaan during the first quarter valued at about $320,000. Finally, Invesco Ltd. boosted its holdings in Canaan by 5,016.8% during the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after acquiring an additional 7,093,743 shares during the period. 70.14% of the stock is currently owned by institutional investors.

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.