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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report sent to investors on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a $8.00 target price on the stock.

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

Canaan Stock Up 0.6 %

CAN stock opened at $1.79 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The company has a market capitalization of $504.03 million, a price-to-earnings ratio of -1.33 and a beta of 3.26. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. The stock has a fifty day moving average of $2.08 and a 200-day moving average of $1.55.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. EntryPoint Capital LLC bought a new position in Canaan in the 4th quarter worth about $32,000. Raymond James Financial Inc. bought a new position in Canaan in the 4th quarter worth about $33,000. Wellington Management Group LLP bought a new position in Canaan in the 4th quarter worth about $48,000. Chesapeake Capital Corp IL bought a new position in Canaan in the 4th quarter worth about $79,000. Finally, SBI Securities Co. Ltd. bought a new position in Canaan in the 4th quarter worth about $83,000. Institutional investors 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.