Analysts Set Canaan Inc. (NASDAQ:CAN) Price Target at $2.90

Canaan Inc. (NASDAQ:CAN) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $2.90.

Several analysts have recently issued reports on the company. Benchmark decreased their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, May 21st. Compass Point assumed coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective on the stock. Rosenblatt Securities decreased their price objective on Canaan from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Wednesday, May 21st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, March 27th.

Canaan Stock Up 3.7%

NASDAQ CAN opened at $0.60 on Friday. The stock’s 50 day moving average is $0.71 and its 200 day moving average is $1.44. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. Canaan has a 12 month low of $0.53 and a 12 month high of $3.27. The stock has a market cap of $223.33 million, a PE ratio of -0.44 and a beta of 3.32.

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

Canaan announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Canaan

A number of large investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its position in shares of Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock worth $21,255,000 after purchasing an additional 1,187,796 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Canaan by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company’s stock valued at $17,960,000 after purchasing an additional 223,241 shares during the period. Invesco Ltd. boosted its stake in shares of Canaan by 5,016.8% during the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock valued at $6,351,000 after purchasing an additional 7,093,743 shares during the period. Tidal Investments LLC purchased a new stake in shares of Canaan during the fourth quarter valued at $9,584,000. Finally, Vident Advisory LLC boosted its stake in shares of Canaan by 2,306.4% during the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock valued at $8,839,000 after purchasing an additional 4,132,539 shares during the period. Hedge funds and other 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.