Canaan (NASDAQ:CAN) Coverage Initiated at Rosenblatt Securities

Rosenblatt Securities assumed coverage on shares of Canaan (NASDAQ:CAN) in a report published on Wednesday, MarketBeat reports. The firm issued a buy rating and a $3.00 price objective on the stock.

CAN has been the subject of several other reports. Nomura Securities upgraded Canaan to a hold rating in a research report on Monday, August 19th. HC Wainwright reiterated a buy rating and issued a $3.00 target price on shares of Canaan in a report on Friday, August 16th.

Canaan Stock Up 15.3 %

Shares of NASDAQ:CAN opened at $1.07 on Wednesday. Canaan has a 12 month low of $0.72 and a 12 month high of $3.50. The firm has a market cap of $299.84 million, a P/E ratio of -0.52 and a beta of 3.08. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average price is $0.99 and its two-hundred day moving average price is $1.10.

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

Hedge Funds Weigh In On Canaan

A number of large investors have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan during the 2nd quarter worth approximately $34,000. IvyRock Asset Management HK Ltd acquired a new position in Canaan during the first quarter worth $73,000. XTX Topco Ltd bought a new stake in Canaan during the second quarter worth $79,000. Chesapeake Capital Corp IL acquired a new stake in Canaan in the fourth quarter valued at $81,000. Finally, Impact Partnership Wealth LLC increased its stake in shares of Canaan by 271.1% during the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after purchasing an additional 92,038 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.