Canaan (NASDAQ:CAN) Research Coverage Started at Compass Point

Compass Point assumed coverage on shares of Canaan (NASDAQ:CAN) in a research report report published on Tuesday, Marketbeat reports. The firm issued a buy rating and a $2.50 price target on the stock.

CAN has been the subject of several other reports. HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Tuesday, March 4th. Rosenblatt Securities restated a “buy” rating and issued a $8.00 target price on shares of Canaan in a research note on Monday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Canaan currently has a consensus rating of “Moderate Buy” and an average target price of $3.88.

Canaan Stock Performance

Shares of CAN opened at $0.99 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The stock has a 50-day moving average of $1.63 and a 200-day moving average of $1.59. The company has a market cap of $279.19 million, a PE ratio of -0.73 and a beta of 3.39. Canaan has a one year low of $0.72 and a one year high of $3.27.

Hedge Funds Weigh In On Canaan

A number of hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in Canaan by 12.9% during the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after purchasing an additional 1,187,796 shares during the last quarter. State Street Corp boosted 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 valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Canaan by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company’s stock worth $17,960,000 after buying an additional 223,241 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Canaan during the 4th quarter worth approximately $9,584,000. Finally, Vident Advisory LLC lifted its position in shares of Canaan by 2,306.4% during 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. Institutional investors and hedge funds 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.