Canaan’s (CAN) Buy Rating Reiterated at Rosenblatt Securities

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by research analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $8.00 target price on the stock.

A number of other research firms have also issued reports on CAN. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, March 4th. Compass Point initiated coverage on Canaan in a research note on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price objective for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $3.88.

Canaan Price Performance

Shares of CAN opened at $0.94 on Thursday. The company has a market cap of $264.72 million, a P/E ratio of -0.70 and a beta of 3.39. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average price is $1.56 and its 200 day moving average price is $1.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. EntryPoint Capital LLC acquired a new stake in shares of Canaan during the 4th quarter worth about $32,000. Raymond James Financial Inc. purchased a new position in Canaan in the fourth quarter valued at approximately $33,000. Wellington Management Group LLP acquired a new stake in Canaan during the fourth quarter worth approximately $48,000. Chesapeake Capital Corp IL acquired a new stake in Canaan during the fourth quarter worth approximately $79,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Canaan during the 4th quarter worth approximately $83,000. 70.14% of the stock is owned by institutional investors and hedge funds.

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.