Northland Capmk Upgrades Canaan (NASDAQ:CAN) to Hold

Canaan (NASDAQ:CAN) was upgraded by analysts at Northland Capmk to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. HC Wainwright restated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, March 27th. Benchmark decreased their target price on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Northland Securities initiated coverage on Canaan in a research report on Wednesday. They issued a “market perform” rating and a $1.50 target price for the company. Compass Point started coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of Canaan in a research note on Monday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Canaan has an average rating of “Moderate Buy” and a consensus target price of $2.67.

Canaan Stock Down 4.5%

CAN stock opened at $0.63 on Wednesday. Canaan has a one year low of $0.53 and a one year high of $3.27. The firm has a market cap of $233.62 million, a PE ratio of -0.61 and a beta of 3.32. The firm’s 50 day moving average price is $0.70 and its 200-day moving average price is $1.37. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.11 and a current ratio of 1.50.

Canaan (NASDAQ:CAN) last issued 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 98.53% and a negative net margin of 93.62%. The business had revenue of $88.77 million for the quarter, compared to analyst estimates of $88.50 million. During the same period in the previous year, the business posted ($2.16) earnings per share. On average, equities research analysts anticipate that Canaan will post -0.74 EPS for the current year.

Canaan declared that its Board of Directors has approved a share buyback program on Tuesday, May 27th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Canaan

A number of large investors have recently made changes to their positions in CAN. Invesco Ltd. grew its holdings in Canaan by 5,016.8% during the 1st quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock worth $6,351,000 after acquiring an additional 7,093,743 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Canaan in the 4th quarter valued at $9,584,000. Vident Advisory LLC lifted its position in shares of Canaan by 2,306.4% during the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after purchasing an additional 4,132,539 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Canaan during the fourth quarter worth $5,343,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Canaan during the fourth quarter worth $3,689,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Company Profile

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.