Canaan (NASDAQ:CAN) Earns “Buy” Rating from Rosenblatt Securities

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $8.00 price target on the stock.

A number of other equities research analysts have also issued reports on CAN. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Tuesday, March 4th. Compass Point initiated coverage on shares of Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $3.88.

Canaan Stock Down 13.0 %

Shares of NASDAQ:CAN opened at $0.94 on Thursday. Canaan has a 52-week low of $0.72 and a 52-week high of $3.27. The stock has a market cap of $264.72 million, a P/E ratio of -0.70 and a beta of 3.39. The business has a fifty day moving average of $1.56 and a two-hundred day moving average of $1.60. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Hedge Funds Weigh In On Canaan

Several large investors have recently modified their holdings of the business. Tidal Investments LLC acquired a new stake in shares of Canaan during the 4th quarter worth about $9,584,000. Vident Advisory LLC boosted its stake in Canaan by 2,306.4% during the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after buying an additional 4,132,539 shares during the period. Marshall Wace LLP acquired a new stake in shares of Canaan during the fourth quarter valued at about $5,343,000. Renaissance Technologies LLC purchased a new stake in shares of Canaan in the 4th quarter valued at approximately $3,689,000. Finally, Millennium Management LLC lifted its holdings in shares of Canaan by 139.7% in the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company’s stock worth $5,758,000 after acquiring an additional 1,637,019 shares during the last quarter. Institutional investors and hedge funds 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.