Canaan (NASDAQ:CAN) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a report issued on Monday,Benzinga reports. Rosenblatt Securities currently has a $8.00 price objective on the stock.

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

Canaan Price Performance

Shares of NASDAQ:CAN opened at $1.07 on Monday. 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 stock’s fifty day simple moving average is $1.69 and its two-hundred day simple moving average is $1.60. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27. The stock has a market cap of $301.29 million, a PE ratio of -0.79 and a beta of 3.39.

Hedge Funds Weigh In On Canaan

Large investors have recently bought and sold shares of the stock. Quadrature Capital Ltd raised its stake in shares of Canaan by 329.4% during the 3rd 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 period. Baader Bank Aktiengesellschaft raised its stake in shares of Canaan by 287.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after purchasing an additional 968,347 shares during the period. Exchange Traded Concepts LLC bought a new stake in shares of Canaan during the 4th quarter worth $2,807,000. Private Advisor Group LLC bought a new stake in shares of Canaan during the 4th quarter worth $102,000. Finally, State Street Corp raised its stake in shares of Canaan by 0.3% during the 3rd 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. 70.14% of the stock is currently 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.