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

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

A number of other equities research analysts have also recently issued reports on CAN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Canaan in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Canaan from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. BTIG Research reiterated a “buy” rating and issued a $8.00 target price on shares of Canaan in a research note on Tuesday, October 14th. Benchmark lifted their target price on Canaan from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Compass Point started coverage on Canaan in a report on Monday, September 15th. They issued a “buy” rating for the company. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.61.

Canaan Trading Up 20.8%

Shares of NASDAQ:CAN opened at $1.03 on Wednesday. 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 market capitalization of $384.08 million, a PE ratio of -1.14 and a beta of 3.61. Canaan has a 1 year low of $0.53 and a 1 year high of $3.27. The firm has a fifty day moving average price of $1.20 and a 200 day moving average price of $0.88.

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

Hedge Funds Weigh In On Canaan

Hedge funds and other institutional investors have recently modified their holdings of the stock. GMT Capital Corp bought a new stake in Canaan in the first quarter valued at $86,000. SBI Securities Co. Ltd. lifted its holdings in shares of Canaan by 32.1% during the second quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after acquiring an additional 49,206 shares during the period. Virtu Financial LLC acquired a new stake in shares of Canaan in the 1st quarter valued at $320,000. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Canaan in the 2nd quarter worth about $355,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Canaan by 52.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 587,451 shares of the company’s stock worth $516,000 after purchasing an additional 200,869 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.