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

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

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

Canaan Price Performance

Shares of CAN opened at $1.97 on Thursday. The company has a quick ratio of 1.75, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The stock has a market cap of $595.64 million, a PE ratio of -1.46 and a beta of 3.06. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50. The business has a 50-day simple moving average of $1.19 and a two-hundred day simple moving average of $1.07.

Hedge Funds Weigh In On Canaan

A number of institutional investors and hedge funds have recently modified their holdings of CAN. Van ECK Associates Corp increased its stake in shares of Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. State Street Corp grew its holdings in 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 purchasing an additional 23,759 shares during the period. Prime Capital Investment Advisors LLC increased its stake in Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares in the last quarter. Baader Bank Aktiengesellschaft raised its holdings in shares of Canaan by 54.0% during the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock valued at $824,000 after purchasing an additional 289,629 shares during the period. Finally, SRN Advisors LLC boosted its position in shares of Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after purchasing an additional 34,382 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors.

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.