Canaan’s (CAN) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a report published on Thursday,Benzinga reports. They currently have a $3.00 price target on the stock.

Several other equities analysts have also weighed in on the stock. Compass Point initiated coverage on shares of Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. Rosenblatt Securities restated a “buy” rating and set a $8.00 target price on shares of Canaan in a report on Thursday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $3.88.

Canaan Price Performance

NASDAQ CAN opened at $0.91 on Thursday. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27. The firm has a market capitalization of $256.41 million, a PE ratio of -0.67 and a beta of 3.39. The company’s 50 day simple moving average is $1.52 and its 200 day simple moving average is $1.60. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results 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 net margin of 128.85% and a negative return on equity of 60.37%. The firm had revenue of $88.77 million for the quarter, compared to the consensus estimate of $88.50 million. During the same period in the previous year, the business posted ($2.16) earnings per share. As a group, equities research analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

Large investors have recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new position in Canaan in the 4th quarter worth approximately $32,000. Raymond James Financial Inc. purchased a new stake in shares of Canaan in the fourth quarter valued at $33,000. Wellington Management Group LLP acquired a new stake in shares of Canaan in the fourth quarter worth $48,000. Chesapeake Capital Corp IL purchased a new position in shares of Canaan during the fourth quarter valued at $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in Canaan during the fourth quarter valued at $83,000. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.