Canaan (NASDAQ:CAN) Coverage Initiated at Compass Point

Equities research analysts at Compass Point assumed coverage on shares of Canaan (NASDAQ:CAN) in a report issued on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $2.50 price target on the stock. Compass Point’s target price suggests a potential upside of 148.76% from the stock’s current price.

Several other equities research analysts have also weighed in on CAN. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Tuesday, March 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price target on shares of Canaan in a research report on Monday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.88.

Canaan Stock Performance

NASDAQ CAN opened at $1.01 on Tuesday. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The stock has a market cap of $282.99 million, a P/E ratio of -0.74 and a beta of 3.39. The company’s 50-day simple moving average is $1.65 and its 200 day simple moving average is $1.60.

Institutional Trading of Canaan

Several hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd grew its position in 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 acquiring an additional 418,052 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its stake in Canaan by 287.0% in the fourth 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 in the last quarter. Exchange Traded Concepts LLC acquired a new position in Canaan in the fourth quarter worth $2,807,000. Private Advisor Group LLC bought a new stake in shares of Canaan during the fourth quarter worth $102,000. Finally, State Street Corp increased its stake in shares of Canaan by 0.3% in the third 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. Institutional investors and hedge funds own 70.14% of the company’s stock.

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.