Canaan (NASDAQ:CAN) Earns Buy Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a $3.00 target price on the stock.

Separately, Rosenblatt Securities reissued a “buy” rating and issued a $8.00 price target on shares of Canaan in a report on Tuesday.

Canaan Stock Performance

Shares of CAN opened at $1.24 on Tuesday. The stock has a 50 day moving average of $1.84 and a 200 day moving average of $1.59. 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 capitalization of $349.16 million, a price-to-earnings ratio of -0.92 and a beta of 3.39.

Hedge Funds Weigh In On Canaan

Several institutional investors have recently bought and sold shares of CAN. EntryPoint Capital LLC purchased a new stake in Canaan in the fourth quarter worth $32,000. Raymond James Financial Inc. bought a new position in shares of Canaan during the 4th quarter worth $33,000. Wellington Management Group LLP purchased a new stake in Canaan in the 4th quarter worth about $48,000. Chesapeake Capital Corp IL bought a new stake in Canaan in the 4th quarter valued at about $79,000. Finally, SBI Securities Co. Ltd. bought a new stake in Canaan in the 4th quarter valued at about $83,000. Hedge funds and other 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.