Canaan (NASDAQ:CAN) Stock Rating Lowered by Wall Street Zen

Canaan (NASDAQ:CAN) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other brokerages have also weighed in on CAN. Compass Point started coverage on Canaan in a research report on Tuesday, March 18th. They set a “buy” rating and a $2.50 price objective for the company. Benchmark cut their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, May 21st. HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday, March 27th. Rosenblatt Securities restated a “buy” rating and set a $5.00 price objective on shares of Canaan in a research report on Monday, June 16th. Finally, Northland Securities started coverage on Canaan in a research report on Wednesday, June 18th. They set a “market perform” rating and a $1.50 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canaan has a consensus rating of “Hold” and an average target price of $2.67.

Canaan Trading Down 2.9%

Shares of CAN stock opened at $0.61 on Friday. Canaan has a 52-week low of $0.53 and a 52-week high of $3.27. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.11 and a current ratio of 1.50. The firm has a market capitalization of $226.95 million, a PE ratio of -0.60 and a beta of 3.32. The stock has a fifty day simple moving average of $0.70 and a two-hundred day simple moving average of $1.34.

Canaan (NASDAQ:CAN) last issued its quarterly earnings results on Wednesday, March 26th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($1.29). Canaan had a negative return on equity of 98.53% and a negative net margin of 93.62%. The business had revenue of $88.77 million during the quarter, compared to analysts’ expectations of $88.50 million. During the same quarter in the previous year, the company posted ($2.16) EPS. On average, analysts predict that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its Board of Directors has approved a share buyback plan on Tuesday, May 27th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new position in shares of Canaan in the 4th quarter valued at about $32,000. Raymond James Financial Inc. bought a new position in shares of Canaan in the 4th quarter valued at about $33,000. Wellington Management Group LLP bought a new position in shares of Canaan in the 4th quarter valued at about $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the 4th quarter valued at about $79,000. Finally, GTS Securities LLC lifted its holdings in shares of Canaan by 137.7% in the 4th quarter. GTS Securities LLC now owns 67,648 shares of the company’s stock valued at $139,000 after acquiring an additional 39,183 shares during 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.