Canaan (NASDAQ:CAN) Given Buy Rating at Rosenblatt Securities

Canaan (NASDAQ:CAN – Get Free Report)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a research note issued on Tuesday, Benzinga reports. They currently have a $0.75 price objective on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 116.64% from the stock’s current price.

Several other equities research analysts also recently commented on CAN. BTIG Research reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, May 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Canaan in a research report on Friday, August 14th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1.92.

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Canaan Stock Up 2.9%

NASDAQ:CAN opened at $0.35 on Tuesday. Canaan has a 1-year low of $0.15 and a 1-year high of $2.22. The company has a market capitalization of $247.95 million, a PE ratio of -0.79 and a beta of 2.72. The firm’s 50-day moving average price is $0.28 and its 200-day moving average price is $0.38. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.86 and a quick ratio of 1.67.

Canaan (NASDAQ:CAN – Get Free Report) last announced its quarterly earnings data on Saturday, August 15th. The company reported ($0.14) earnings per share for the quarter. Canaan had a negative return on equity of 77.73% and a negative net margin of 67.78%.The business had revenue of $31.86 million during the quarter. On average, equities analysts predict that Canaan will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Canaan

An institutional investor recently bought a new position in Canaan stock. SG Americas Securities LLC purchased a new position in Canaan Inc. Sponsored ADR (NASDAQ:CAN – Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 100,000 shares of the company’s stock, valued at approximately $43,000. Institutional investors own 70.14% of the company’s stock.

About Canaan

(Get Free Report)

Canaan Inc is a fabless semiconductor company that develops application-specific integrated circuits (ASICs) and related hardware for blockchain computing. Its products are primarily designed to support Bitcoin mining and other high-performance computing applications.

The company’s best-known product line is AvalonMiner, a series of specialized Bitcoin mining machines that combine Canaan’s proprietary ASIC chips with supporting hardware and software. Canaan also develops AI and edge-computing solutions intended for applications such as intelligent hardware, data processing and other computational workloads.

Founded in 2013, Canaan serves customers in global cryptocurrency-mining and technology markets.

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