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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by Rosenblatt Securities in a note issued to investors on Tuesday, Benzinga reports. They presently have a $0.75 target price on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 116.64% from the company’s previous close.

CAN has been the subject of several other reports. BTIG Research restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Tuesday, May 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Canaan in a research report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and an average price target of $1.92.

Canaan Trading Up 2.9%

Canaan stock opened at $0.35 on Tuesday. The business has a 50-day simple moving average of $0.28 and a two-hundred day simple moving average of $0.38. Canaan has a 52-week low of $0.15 and a 52-week high of $2.22. The company has a quick ratio of 1.67, a current ratio of 2.86 and a debt-to-equity ratio of 0.12. The company has a market cap of $247.95 million, a P/E ratio of -0.79 and a beta of 2.72.

Canaan (NASDAQ:CAN) last announced its earnings results on Saturday, August 15th. The company reported ($0.14) EPS for the quarter. Canaan had a negative net margin of 67.78% and a negative return on equity of 77.73%. The business had revenue of $31.86 million for the quarter. Analysts predict that Canaan will post -0.15 EPS for the current year.

Hedge Funds Weigh In On Canaan

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

Canaan Company Profile

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.