Canaan’s (CAN) “Buy” Rating Reaffirmed at HC Wainwright

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

A number of other brokerages have also recently issued reports on CAN. Rosenblatt Securities reissued a “buy” rating and issued a $8.00 price objective on shares of Canaan in a research note on Thursday. Compass Point initiated coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Canaan currently has an average rating of “Moderate Buy” and an average target price of $3.88.

Canaan Trading Down 2.5 %

NASDAQ:CAN opened at $0.92 on Thursday. The company has a market cap of $258.15 million, a PE ratio of -0.68 and a beta of 3.39. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The company has a 50 day simple moving average of $1.54 and a two-hundred day simple moving average of $1.59. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The company had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative return on equity of 60.37% and a negative net margin of 128.85%. During the same period last year, the business earned ($2.16) EPS. Research analysts forecast that Canaan will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Canaan

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

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.