Canaan (NASDAQ:CAN) Earns Buy Rating from Analysts at B. Riley

Analysts at B. Riley assumed coverage on shares of Canaan (NASDAQ:CAN) in a report released on Wednesday, Benzinga reports. The firm set a “buy” rating and a $2.00 price target on the stock. B. Riley’s price target suggests a potential upside of 85.19% from the company’s current price.

A number of other analysts have also recently weighed in on CAN. Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Friday, August 16th. Finally, Rosenblatt Securities began coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.38.

Canaan Stock Performance

Shares of Canaan stock opened at $1.08 on Wednesday. The stock has a market capitalization of $302.64 million, a price-to-earnings ratio of -0.53 and a beta of 3.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The business has a 50-day moving average of $0.99 and a 200 day moving average of $1.09. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50.

Canaan (NASDAQ:CAN) last posted its earnings results on Thursday, August 15th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The firm had revenue of $71.86 million for the quarter, compared to analyst estimates of $51.90 million. As a group, sell-side analysts forecast that Canaan will post -0.6 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CAN. Van ECK Associates Corp lifted its position in Canaan by 38.0% during the first quarter. Van ECK Associates Corp now owns 6,280,689 shares of the company’s stock worth $9,546,000 after buying an additional 1,730,528 shares during the period. Nomura Holdings Inc. boosted its stake in shares of Canaan by 1,463.2% in the fourth quarter. Nomura Holdings Inc. now owns 1,271,925 shares of the company’s stock valued at $2,938,000 after purchasing an additional 1,190,557 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Canaan during the fourth quarter valued at about $159,000. Quadrature Capital Ltd boosted its holdings in Canaan by 323.3% in the first quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after purchasing an additional 214,384 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Canaan by 33.6% during the 1st quarter. SG Americas Securities LLC now owns 5,385,073 shares of the company’s stock valued at $8,185,000 after purchasing an additional 1,354,333 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.