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

Rosenblatt Securities restated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report released on Tuesday,Benzinga reports. The firm currently has a $0.75 price target on the stock.

A number of other brokerages also recently issued reports on CAN. Weiss Ratings reissued a “sell (e+)” rating on shares of Canaan in a research note on Friday, August 14th. BTIG Research reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Tuesday, May 19th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Canaan has an average rating of “Moderate Buy” and an average price target of $1.92.

Canaan Price Performance

Shares of NASDAQ CAN opened at $0.32 on Tuesday. The company has a market capitalization of $228.61 million, a PE ratio of -0.73 and a beta of 2.72. The company has a quick ratio of 1.67, a current ratio of 2.86 and a debt-to-equity ratio of 0.12. Canaan has a twelve month low of $0.15 and a twelve month high of $2.22. The firm has a fifty day simple moving average of $0.28 and a 200 day simple moving average of $0.38.

Canaan (NASDAQ:CAN) last issued its quarterly 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 firm had revenue of $31.86 million for the quarter.

Institutional Investors Weigh In On Canaan

A hedge fund recently bought a new position in Canaan stock. SG Americas Securities LLC purchased a new stake in Canaan Inc. Sponsored ADR (NASDAQ:CAN) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 100,000 shares of the company’s stock, valued at approximately $43,000. 70.14% of the stock is owned by institutional investors and hedge funds.

About Canaan

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.