Stock Repurchase Program Authorized by Canaan (NASDAQ:CAN) Board of Directors

Canaan (NASDAQ:CAN - Get Free Report) declared that its board has initiated a share buyback plan on Wednesday, December 17th, RTT News reports. The company plans to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.Canaan Stock Down 1.8%These 5 Penny Stocks Just Surged Double DigitsCanaan stock traded down $0.01 during mid-day trading on Wednesday, reaching $0.78. 16,383,258 shares of the company's stock were exchanged, compared to its average volume of 23,207,170. The firm has a market capitalization of $290.86 million, a PE ratio of -1.15 and a beta of 2.87. The business's fifty day simple moving average is $1.20 and its 200 day simple moving average is $0.91. Canaan has a one year low of $0.53 and a one year high of $2.98. Canaan (NASDAQ:CAN - Get Free Report) last released its earnings results on Tuesday, November 18th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The company had revenue of $21.17 million for the quarter, compared to analysts' expectations of $18.26 million. Canaan had a negative return on equity of 71.85% and a negative net margin of 51.66%.During the same period in the previous year, the business posted ($0.01) EPS. On average, sell-side analysts forecast that Canaan will post -0.74 earnings per share for the current year. Analysts Set New Price TargetsCrypto Miners Strike Gold in AI: Stocks to Watch CAN has been the subject of a number of research analyst reports. B. Riley decreased their target price on Canaan from $3.00 to $2.50 and set a "buy" rating for the company in a research report on Friday, November 21st. Wall Street Zen upgraded shares of Canaan from a "sell" rating to a "hold" rating in a report on Saturday, November 22nd. BTIG Research started coverage on Canaan in a research note on Monday, December 8th. They set a "buy" rating and a $3.00 price target for the company. Benchmark raised their target price on Canaan from $2.00 to $4.00 and gave the company a "buy" rating in a report on Thursday, October 23rd. Finally, Northland Securities set a $1.75 price target on Canaan in a research report on Friday, October 3rd. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Canaan currently has an average rating of "Moderate Buy" and a consensus price target of $2.96.Read Our Latest Stock Analysis on CanaanCanaan Company Profile Get Free Report)These Bitcoin Stocks Have the Most UpsideCanaan 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.Featured StoriesFive stocks we like better than CanaanInvesting in the High PE Growth Stocks Post 35% Surge, Analysts Eye More Upside in Copper Giant FreeportHow to Invest in Insurance Companies: A Guide Why a SpaceX IPO Could Be a Major Catalyst for GOOGL Stock2 Fintech Stocks to Buy Now and 1 to AvoidCan Upwork Maintain Its Comeback? Reasons to Be Bullish and BearishThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Canaan Right Now?Before you consider Canaan, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Canaan wasn't on the list.While Canaan currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here