Canaan’s (CAN) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Canaan (NASDAQ:CAN) in a research note released on Monday,Benzinga reports. The firm currently has a $8.00 target price on the stock.

Separately, HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Tuesday, March 4th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $3.88.

Canaan Trading Up 2.9 %

CAN opened at $1.01 on Monday. The firm’s 50 day moving average is $1.65 and its 200-day moving average is $1.60. Canaan has a 52-week low of $0.72 and a 52-week 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 firm has a market capitalization of $282.99 million, a P/E ratio of -0.74 and a beta of 3.39.

Institutional Trading of Canaan

A number of hedge funds have recently made changes to their positions in CAN. Quadrature Capital Ltd raised its holdings in Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares in the last quarter. State Street Corp raised its stake in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Canaan by 193.3% during the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after purchasing an additional 153,255 shares during the last quarter. Virtu Financial LLC lifted its position in shares of Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the last quarter. Finally, Old Port Advisors acquired a new position in Canaan in the fourth quarter worth about $100,000. 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.