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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a research note issued on Tuesday,Benzinga reports. They presently have a $8.00 price target on the stock.

Separately, HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Canaan in a research report on Wednesday, January 22nd.

Canaan Stock Up 3.3 %

Shares of NASDAQ:CAN opened at $1.26 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The company has a market cap of $354.79 million, a PE ratio of -0.93 and a beta of 3.26. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27. The firm has a 50 day simple moving average of $1.87 and a 200 day simple moving average of $1.59.

Institutional Investors Weigh In On Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Tidal Investments LLC purchased a new stake in Canaan in the 4th quarter worth approximately $9,584,000. Vident Advisory LLC lifted its position in Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after buying an additional 4,132,539 shares in the last quarter. Marshall Wace LLP purchased a new stake in Canaan in the 4th quarter worth approximately $5,343,000. Renaissance Technologies LLC purchased a new stake in Canaan in the 4th quarter worth approximately $3,689,000. Finally, Millennium Management LLC lifted its position 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. Hedge funds and other institutional investors own 70.14% of the company’s stock.

About Canaan

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.