Rosenblatt Securities Reiterates Buy Rating for Canaan (NASDAQ:CAN)

Rosenblatt Securities reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research report released on Monday,Benzinga reports. They currently have a $8.00 target price on the stock.

Separately, HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, March 4th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $3.88.

Canaan Stock Up 2.9 %

Shares of NASDAQ:CAN opened at $1.01 on Monday. The company’s fifty day moving average is $1.65 and its two-hundred day moving average is $1.60. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27. The stock has a market capitalization of $282.99 million, a price-to-earnings ratio of -0.74 and a beta of 3.39.

Institutional Trading of Canaan

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new position in shares of Canaan during the fourth quarter valued at approximately $1,389,000. GTS Securities LLC increased its position in shares of Canaan by 137.7% during the 4th quarter. GTS Securities LLC now owns 67,648 shares of the company’s stock valued at $139,000 after purchasing an additional 39,183 shares during the period. Connective Capital Management LLC acquired a new position in shares of Canaan during the 4th quarter valued at $388,000. Vident Advisory LLC raised its stake in shares of Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock worth $8,839,000 after buying an additional 4,132,539 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of Canaan by 251.9% in the fourth quarter. Two Sigma Advisers LP now owns 1,365,700 shares of the company’s stock valued at $2,800,000 after buying an additional 977,600 shares during the period. 70.14% of the stock is currently owned by 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.