Canaan (NASDAQ:CAN) Receives “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a $3.00 price target on the stock.

Separately, Rosenblatt Securities increased their price target on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Canaan Stock Performance

CAN opened at $2.18 on Wednesday. The company has a 50 day simple moving average of $2.16 and a two-hundred day simple moving average of $1.44. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The firm has a market cap of $613.85 million, a P/E ratio of -1.61 and a beta of 3.27. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27.

Institutional Investors Weigh In On Canaan

Several institutional investors and hedge funds have recently modified their holdings of CAN. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan during the second quarter valued at $34,000. Old Port Advisors purchased a new position in shares of Canaan during the fourth quarter valued at about $100,000. XTX Topco Ltd bought a new stake in shares of Canaan in the second quarter worth about $79,000. Virtu Financial LLC lifted its position in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after buying an additional 30,447 shares during the last quarter. Institutional investors 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.