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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They currently have a $3.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 219.11% from the company’s current price.

Other analysts have also issued research reports about the company. Rosenblatt Securities restated a “buy” rating and issued a $8.00 price objective on shares of Canaan in a report on Thursday. Compass Point started coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price target for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Canaan currently has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Performance

CAN opened at $0.94 on Thursday. The business has a 50 day moving average price of $1.56 and a two-hundred day moving average price of $1.60. 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 company has a market capitalization of $264.72 million, a price-to-earnings ratio of -0.70 and a beta of 3.39. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27.

Hedge Funds Weigh In On Canaan

A number of hedge funds have recently modified their holdings of CAN. EntryPoint Capital LLC purchased a new stake in shares of Canaan during the fourth quarter valued at $32,000. Raymond James Financial Inc. acquired a new stake in Canaan during the 4th quarter worth about $33,000. Wellington Management Group LLP purchased a new stake in Canaan during the fourth quarter valued at about $48,000. State Street Corp boosted its holdings in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares during the period. Finally, Virtu Financial LLC increased 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 acquiring an additional 26,920 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.