Canaan’s (CAN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report report published on Thursday morning,Benzinga reports. HC Wainwright currently has a $3.00 target price on the stock.

Several other analysts have also recently issued reports on CAN. Rosenblatt Securities began coverage on shares of Canaan in a research note on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective for the company. B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. Finally, Nomura Securities raised Canaan to a “hold” rating in a research note on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $3.38.

Canaan Price Performance

Shares of NASDAQ:CAN traded down $0.05 during midday trading on Thursday, reaching $1.78. 3,532,479 shares of the company’s stock traded hands, compared to its average volume of 11,147,952. The company has a market cap of $536.69 million, a P/E ratio of -1.16 and a beta of 3.06. The company has a fifty day simple moving average of $1.17 and a two-hundred day simple moving average of $1.06. 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 1 year low of $0.72 and a 1 year high of $3.50.

Institutional Trading of Canaan

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its stake in 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 acquiring an additional 23,759 shares in the last quarter. Virtu Financial LLC lifted its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC grew its holdings 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 acquiring an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Canaan in the 2nd quarter valued at approximately $34,000. Finally, SRN Advisors LLC raised its holdings in shares of Canaan by 4.9% in the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after purchasing 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.