Rosenblatt Securities Reaffirms Buy Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a report released on Tuesday,Benzinga reports. They currently have a $2.25 price objective on the stock. Rosenblatt Securities’ price target suggests a potential upside of 323.81% from the stock’s current price.

A number of other equities research analysts have also commented on the stock. B. Riley Financial lowered their price target on shares of Canaan from $3.00 to $2.50 and set a “buy” rating for the company in a report on Friday, November 21st. Wall Street Zen downgraded shares of Canaan from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. HC Wainwright reissued a “buy” rating and issued a $1.50 target price on shares of Canaan in a research note on Wednesday, February 11th. BTIG Research restated a “buy” rating and set a $3.00 price target on shares of Canaan in a report on Wednesday, February 11th. Finally, Benchmark dropped their price objective on Canaan from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $2.21.

Canaan Trading Up 6.7%

NASDAQ CAN opened at $0.53 on Tuesday. The firm has a market cap of $197.97 million, a PE ratio of -1.11 and a beta of 2.85. Canaan has a 1-year low of $0.43 and a 1-year high of $2.22. The stock has a 50-day moving average of $0.68 and a 200-day moving average of $0.91. The company has a current ratio of 3.31, a quick ratio of 1.93 and a debt-to-equity ratio of 0.06.

Canaan (NASDAQ:CAN) last announced its quarterly earnings results on Tuesday, February 10th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). The company had revenue of $196.27 million during the quarter, compared to analysts’ expectations of $25.30 million. Canaan had a negative return on equity of 60.70% and a negative net margin of 39.69%. As a group, sell-side analysts forecast that Canaan will post -0.74 EPS for the current year.

Canaan declared that its board has initiated a share repurchase program on Wednesday, December 17th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in Canaan in the fourth quarter worth about $46,000. SBI Securities Co. Ltd. boosted its holdings in Canaan by 32.1% in the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock worth $125,000 after acquiring an additional 49,206 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan in the second quarter worth $355,000. Finally, Goldman Sachs Group Inc. increased its stake in Canaan by 52.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares in the last quarter. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.