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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued on Tuesday,Benzinga reports. They presently have a $3.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 154.24% from the company’s previous close.

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

Canaan Price Performance

Shares of CAN opened at $1.18 on Tuesday. 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 50 day moving average price of $1.91 and a 200-day moving average price of $1.59. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. The stock has a market capitalization of $332.27 million, a PE ratio of -0.87 and a beta of 3.26.

Institutional Trading of Canaan

A number of institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC bought a new position in shares of Canaan during the 4th quarter worth approximately $32,000. Raymond James Financial Inc. acquired a new position in shares of Canaan during the fourth quarter worth $33,000. Wellington Management Group LLP acquired a new position in shares of Canaan during the fourth quarter worth $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan during the 4th quarter valued at $79,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Canaan in the 4th quarter worth $83,000. 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.