Canaan (NASDAQ:CAN) Given “Buy” Rating at HC Wainwright

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report released on Thursday,Benzinga reports. They currently have a $3.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 79.64% from the company’s previous close.

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

Canaan Stock Performance

NASDAQ:CAN opened at $1.67 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The company has a 50 day simple moving average of $1.15 and a two-hundred day simple moving average of $1.06. The company has a market capitalization of $504.94 million, a PE ratio of -1.08 and a beta of 3.06.

Institutional Investors Weigh In On Canaan

A number of large investors have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Canaan by 0.3% during the 3rd 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 in the last quarter. 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 worth $104,000 after buying an additional 26,920 shares during the period. Farther Finance Advisors LLC raised its stake in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after buying an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in Canaan in the second quarter worth approximately $34,000. Finally, SRN Advisors LLC grew its stake in Canaan by 4.9% in the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after acquiring an additional 34,382 shares during the period. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.