HC Wainwright Reaffirms “Buy” Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They currently have a $3.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 52.28% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. B. Riley began coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target for the company. Rosenblatt Securities assumed coverage on shares of Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price for the company. Finally, Nomura Securities upgraded shares of Canaan to a “hold” rating in a report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Canaan currently has an average rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Stock Up 8.2 %

Shares of CAN opened at $1.97 on Thursday. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The company’s fifty day moving average is $1.19 and its two-hundred day moving average is $1.07. The firm has a market cap of $595.65 million, a PE ratio of -1.27 and a beta of 3.06. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06.

Institutional Investors Weigh In On Canaan

Large investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan during the 2nd quarter valued at $34,000. XTX Topco Ltd purchased a new stake in shares of Canaan during the second quarter worth about $79,000. Virtu Financial LLC lifted its stake 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. Farther Finance Advisors LLC lifted its stake in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after acquiring an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC boosted its holdings in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after purchasing an additional 92,038 shares during the last quarter. 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.