Canaan’s (CAN) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $8.00 price target on the stock.

Separately, HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of Canaan in a research report on Wednesday, January 22nd.

Canaan Price Performance

Shares of NASDAQ:CAN opened at $1.79 on Thursday. The firm has a market capitalization of $504.03 million, a price-to-earnings ratio of -1.33 and a beta of 3.26. The stock’s 50 day moving average is $2.08 and its 200-day moving average is $1.55. 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.

Institutional Investors Weigh In On Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of CAN. EntryPoint Capital LLC purchased a new stake in Canaan in the 4th quarter valued at $32,000. Raymond James Financial Inc. purchased a new stake in shares of Canaan during the 4th quarter valued at $33,000. Wellington Management Group LLP purchased a new stake in shares of Canaan during the 4th quarter valued at $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan during the 4th quarter valued at $79,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Canaan during the 4th quarter valued at $83,000. 70.14% of the stock is owned by hedge funds and other institutional investors.

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.