Canaan (NASDAQ:CAN) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report released on Thursday,Benzinga reports. HC Wainwright currently has a $3.00 price objective on the stock.

Several other research firms have also weighed in on CAN. Compass Point began coverage on Canaan in a report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $8.00 price objective on shares of Canaan in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.88.

Canaan Stock Performance

Canaan stock opened at $0.92 on Thursday. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. The company’s 50-day moving average price is $1.54 and its 200-day moving average price is $1.59. The company has a market cap of $258.15 million, a PE ratio of -0.68 and a beta of 3.39.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Wednesday, March 26th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate 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 company 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 firm earned ($2.16) earnings per share. On average, equities research analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Wellington Management Group LLP bought a new stake in shares of Canaan during the fourth quarter worth $48,000. Public Employees Retirement System of Ohio purchased a new position in Canaan in the 4th quarter worth about $1,389,000. GTS Securities LLC lifted its holdings in Canaan by 137.7% during the 4th quarter. GTS Securities LLC now owns 67,648 shares of the company’s stock valued at $139,000 after buying an additional 39,183 shares in the last quarter. Connective Capital Management LLC purchased a new stake in Canaan in the 4th quarter valued at about $388,000. Finally, Vident Advisory LLC grew its stake in Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after acquiring an additional 4,132,539 shares in the last quarter. 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.