Canaan’s (CAN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a report released on Wednesday morning,Benzinga reports. HC Wainwright currently has a $3.00 price objective on the stock.

Separately, Rosenblatt Securities lifted their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th.

Canaan Stock Up 1.9 %

Shares of NASDAQ:CAN opened at $2.18 on Wednesday. The company has a 50-day moving average price of $2.16 and a 200 day moving average price of $1.44. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27. The company has a market cap of $613.85 million, a price-to-earnings ratio of -1.61 and a beta of 3.27.

Institutional Trading of Canaan

Institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC bought a new position in shares of Canaan during the fourth quarter valued at approximately $2,807,000. Old Port Advisors bought a new position in Canaan in the 4th quarter valued at $100,000. Virtu Financial LLC increased 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 purchasing an additional 26,920 shares during the period. XTX Topco Ltd increased its stake in Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after buying an additional 153,255 shares during the period. Finally, State Street Corp increased its position in shares of Canaan by 0.3% during the third 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 during the period. Institutional investors 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.