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

HC Wainwright reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $3.00 price objective on the stock.

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

Canaan Stock Performance

Shares of CAN stock 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 company has a 50 day moving average price of $1.19 and a 200-day moving average price of $1.08. Canaan has a 52 week low of $0.72 and a 52 week high of $3.50. The firm has a market capitalization of $595.64 million, a PE ratio of -1.46 and a beta of 3.06.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its holdings in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares during the period. Virtu Financial LLC raised its stake 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 purchasing an additional 26,920 shares during the period. Farther Finance Advisors LLC lifted its holdings in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in Canaan in the 2nd quarter worth approximately $34,000. Finally, SRN Advisors LLC grew its holdings in Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after buying an additional 34,382 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other 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.