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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report released on Friday morning,Benzinga reports. Rosenblatt Securities currently has a $4.00 target price on the stock.

A number of other research firms have also recently issued reports on CAN. B. Riley reduced their price objective on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, July 10th. Northland Securities assumed coverage on Canaan in a research report on Wednesday, June 18th. They issued a “market perform” rating and a $1.50 price target for the company. Zacks Research raised Canaan from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Benchmark reduced their price target on Canaan from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, May 21st. Finally, Northland Capmk raised Canaan to a “hold” rating in a research report on Wednesday, June 18th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $2.50.

Canaan Price Performance

CAN opened at $0.82 on Friday. The stock has a market cap of $307.42 million, a price-to-earnings ratio of -0.92 and a beta of 3.45. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27. The company has a current ratio of 1.78, a quick ratio of 1.32 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $0.75 and a 200 day moving average price of $0.78.

Canaan (NASDAQ:CAN) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The firm had revenue of $13.95 million during the quarter, compared to analysts’ expectations of $13.29 million. Canaan had a negative return on equity of 92.49% and a negative net margin of 77.01%. Canaan has set its Q3 2025 guidance at EPS. Analysts forecast that Canaan will post -0.74 EPS for the current fiscal year.

Canaan declared that its board has approved a share repurchase program on Tuesday, May 27th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Canaan

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. increased its stake in shares of Canaan by 5,016.8% in the first quarter. Invesco Ltd. now owns 7,235,144 shares of the company’s stock worth $6,351,000 after purchasing an additional 7,093,743 shares during the period. Tidal Investments LLC bought a new position in shares of Canaan in the fourth quarter worth about $9,584,000. Vident Advisory LLC increased its stake in shares of Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after purchasing an additional 4,132,539 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Canaan by 15.4% in the first 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 period. Finally, Millennium Management LLC increased its stake in shares of Canaan by 139.7% in the fourth quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock worth $5,758,000 after purchasing an additional 1,637,019 shares during the period. 70.14% of the stock is currently owned by institutional investors.

Canaan Company Profile

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.