Canaan (NASDAQ:CAN) Board Authorizes Share Repurchase Plan

Canaan (NASDAQ:CAN) declared that its Board of Directors has approved a share buyback program on Wednesday, December 17th, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Canaan Trading Down 0.3%

CAN opened at $0.78 on Friday. The company has a market cap of $289.93 million, a P/E ratio of -1.14 and a beta of 2.87. The company’s 50 day moving average is $1.19 and its 200-day moving average is $0.91. Canaan has a 1-year low of $0.53 and a 1-year high of $2.77.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CAN shares. Northland Securities set a $1.75 price objective on shares of Canaan in a research report on Friday, October 3rd. Benchmark upped their price target on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. BTIG Research assumed coverage on shares of Canaan in a research report on Monday, December 8th. They set a “buy” rating and a $3.00 price target on the stock. Wall Street Zen raised shares of Canaan from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, B. Riley cut their target price on Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a research note on Friday, November 21st. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and a consensus target price of $2.96.

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.