BTIG Research Initiates Coverage on Canaan (NASDAQ:CAN)

Equities researchers at BTIG Research initiated coverage on shares of Canaan (NASDAQ:CAN) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $3.00 price target on the stock. BTIG Research’s target price indicates a potential upside of 211.72% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Benchmark increased their price target on shares of Canaan from $2.00 to $4.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Canaan in a research note on Wednesday, October 8th. Zacks Research raised Canaan from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 20th. B. Riley decreased their price target on Canaan from $3.00 to $2.50 and set a “buy” rating on the stock in a research note on Friday, November 21st. Finally, Wall Street Zen upgraded shares of Canaan from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $2.96.

Canaan Trading Up 2.7%

NASDAQ CAN opened at $0.96 on Monday. The stock has a fifty day simple moving average of $1.25 and a 200-day simple moving average of $0.91. The stock has a market cap of $358.88 million, a PE ratio of -1.42 and a beta of 2.87. Canaan has a twelve month low of $0.53 and a twelve month high of $3.27.

Canaan (NASDAQ:CAN) last issued its quarterly earnings data on Tuesday, November 18th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Canaan had a negative net margin of 51.66% and a negative return on equity of 71.85%. The firm had revenue of $21.17 million for the quarter, compared to analyst estimates of $18.26 million. During the same period in the previous year, the firm earned ($0.01) EPS. Research analysts predict that Canaan will post -0.74 EPS for the current year.

Institutional Trading of Canaan

Large investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its holdings in Canaan by 32.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 202,605 shares of the company’s stock valued at $125,000 after purchasing an additional 49,206 shares in the last quarter. GMT Capital Corp bought a new position in Canaan during the 1st quarter worth approximately $86,000. Goldman Sachs Group Inc. lifted its stake in Canaan by 52.0% during the first 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. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Canaan by 53.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,259 shares of the company’s stock valued at $670,000 after buying an additional 267,322 shares during the period. Finally, Virtu Financial LLC acquired a new position in Canaan in the first quarter valued at approximately $320,000. Institutional investors and hedge funds 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.