Rosenblatt Securities Reiterates Buy Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by Rosenblatt Securities in a research report issued on Wednesday,Benzinga reports. They currently have a $4.00 price target on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 288.35% from the company’s previous close.

A number of other equities analysts have also weighed in on CAN. Zacks Research upgraded Canaan from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Benchmark lifted their target price on shares of Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Canaan in a report on Wednesday, October 8th. B. Riley reaffirmed a “buy” rating on shares of Canaan in a research note on Wednesday, October 22nd. Finally, BTIG Research reiterated a “buy” rating and set a $8.00 price objective on shares of Canaan in a research report on Tuesday, October 14th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Canaan presently has an average rating of “Moderate Buy” and a consensus target price of $3.61.

Canaan Stock Performance

Shares of CAN opened at $1.03 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.78 and a quick ratio of 1.32. The firm’s 50 day moving average is $1.20 and its 200-day moving average is $0.88. Canaan has a 12-month low of $0.53 and a 12-month high of $3.27. The stock has a market capitalization of $384.08 million, a P/E ratio of -1.14 and a beta of 3.61.

Canaan (NASDAQ:CAN) last issued its earnings results on Tuesday, November 18th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of $21.17 million during the quarter, compared to analysts’ expectations of $18.26 million. Canaan had a negative net margin of 77.01% and a negative return on equity of 92.49%. During the same period last year, the firm posted ($0.01) earnings per share. Canaan has set its Q4 2025 guidance at EPS. Equities research analysts anticipate that Canaan will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. SBI Securities Co. Ltd. grew its holdings in shares of Canaan by 228.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 664,845 shares of the company’s stock valued at $586,000 after acquiring an additional 462,240 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Canaan by 135.5% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,350,460 shares of the company’s stock valued at $1,190,000 after purchasing an additional 777,019 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Canaan by 52.0% in the first quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock valued at $516,000 after purchasing an additional 200,869 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Canaan by 15.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,941,515 shares of the company’s stock worth $3,460,000 after purchasing an additional 525,772 shares during the last quarter. Finally, GMT Capital Corp acquired a new position in Canaan in the 1st quarter worth about $86,000. 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.