Canaan’s (CAN) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a report released on Tuesday morning,Benzinga reports. HC Wainwright currently has a $3.00 target price on the stock.

Separately, Rosenblatt Securities restated a “buy” rating and set a $8.00 price objective on shares of Canaan in a research report on Tuesday.

Canaan Trading Up 3.4 %

Shares of NASDAQ CAN opened at $1.22 on Tuesday. Canaan has a one year low of $0.72 and a one year high of $3.27. The firm has a market capitalization of $343.53 million, a PE ratio of -0.90 and a beta of 3.26. 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 business has a 50-day moving average price of $1.88 and a two-hundred day moving average price of $1.59.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. EntryPoint Capital LLC bought a new position in shares of Canaan in the 4th quarter valued at approximately $32,000. Raymond James Financial Inc. bought a new position in Canaan in the 4th quarter worth approximately $33,000. Wellington Management Group LLP bought a new position in Canaan in the 4th quarter worth approximately $48,000. State Street Corp increased its position in Canaan by 0.3% in the 3rd 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 Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares during the period. 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.