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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They presently have a $8.00 target price on the stock. Rosenblatt Securities’ price target points to a potential upside of 349.44% from the company’s previous close.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Wednesday, January 22nd.

Canaan Trading Up 1.7 %

Shares of CAN opened at $1.78 on Thursday. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $501.21 million, a P/E ratio of -1.32 and a beta of 3.26. The firm has a 50-day moving average price of $2.10 and a 200 day moving average price of $1.55.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan during the 3rd quarter worth approximately $556,000. Prime Capital Investment Advisors LLC increased its holdings in shares of Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares during the period. Quadrature Capital Ltd raised its stake in shares of Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after purchasing an additional 418,052 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares during the period. Institutional investors and hedge funds 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.