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

Rosenblatt Securities restated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report report published on Monday morning,Benzinga reports. They currently have a $8.00 price target on the stock.

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

Canaan Trading Down 3.6 %

Shares of Canaan stock opened at $1.07 on Monday. Canaan has a 52-week low of $0.72 and a 52-week high of $3.27. The stock’s 50-day simple moving average is $1.69 and its 200 day simple moving average is $1.60. The stock has a market capitalization of $301.29 million, a P/E ratio of -0.79 and a beta of 3.39. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CAN. Quadrature Capital Ltd grew its holdings in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after buying an additional 418,052 shares in the last quarter. State Street Corp grew its holdings in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares in the last quarter. XTX Topco Ltd grew its holdings in Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after buying an additional 153,255 shares in the last quarter. Virtu Financial LLC grew its holdings in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after buying an additional 26,920 shares in the last quarter. Finally, Old Port Advisors purchased a new position in Canaan during the 4th quarter valued at about $100,000. 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.