Rosenblatt Securities Reiterates “Buy” Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by Rosenblatt Securities in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $8.00 target price on the stock.

Separately, HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Tuesday, March 4th.

Canaan Trading Down 5.0 %

CAN stock traded down $0.06 during trading on Monday, reaching $1.06. 2,410,817 shares of the stock traded hands, compared to its average volume of 11,015,912. The business’s 50 day moving average price is $1.71 and its 200-day moving average price is $1.60. The firm has a market capitalization of $297.07 million, a PE ratio of -0.78 and a beta of 3.39. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. Canaan has a 52-week low of $0.72 and a 52-week high of $3.27.

Institutional Trading of Canaan

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC bought a new position in shares of Canaan during the fourth quarter valued at approximately $9,584,000. Vident Advisory LLC grew its holdings in shares of Canaan by 2,306.4% during the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock valued at $8,839,000 after purchasing an additional 4,132,539 shares during the last quarter. Marshall Wace LLP bought a new position in Canaan in the 4th quarter worth approximately $5,343,000. Renaissance Technologies LLC bought a new position in Canaan in the 4th quarter worth approximately $3,689,000. Finally, Millennium Management LLC grew its holdings in Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock worth $5,758,000 after buying an additional 1,637,019 shares in the last quarter. 70.14% of the stock is owned by institutional investors.

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.