Canaan’s (CAN) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $4.00 target price on the stock.

Other research analysts also recently issued reports about the company. Northland Securities set a $1.75 price target on Canaan in a research note on Friday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, October 8th. BTIG Research initiated coverage on Canaan in a research report on Monday, December 8th. They set a “buy” rating and a $3.00 target price on the stock. Wall Street Zen raised shares of Canaan from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Finally, Benchmark boosted their price target on shares of Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Canaan presently has an average rating of “Moderate Buy” and an average target price of $2.96.

Canaan Stock Down 3.8%

NASDAQ:CAN opened at $0.79 on Thursday. The firm has a market capitalization of $294.14 million, a P/E ratio of -1.16 and a beta of 2.88. Canaan has a twelve month low of $0.53 and a twelve month high of $2.39. The company has a fifty day moving average of $0.87 and a 200-day moving average of $0.94.

Canaan (NASDAQ:CAN) last posted its quarterly earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share 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 firm had revenue of $21.17 million during the quarter, compared to the consensus estimate of $18.26 million. During the same period in the previous year, the firm posted ($0.01) earnings per share. On average, analysts anticipate that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its Board of Directors has initiated a stock buyback plan on Wednesday, December 17th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Canaan

Several large investors have recently bought and sold shares of the stock. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Canaan by 135.5% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock worth $1,190,000 after acquiring an additional 777,019 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Canaan by 228.1% during the third quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock valued at $586,000 after purchasing an additional 462,240 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Canaan by 52.0% during the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 shares during the last quarter. 70.14% of the stock is currently owned by 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.