HC Wainwright Reaffirms Buy Rating for Canaan (NASDAQ:CAN)

HC Wainwright reissued their buy rating on shares of Canaan (NASDAQ:CAN) in a research report report published on Thursday,Benzinga reports. The firm currently has a $3.00 price target on the stock.

CAN has been the topic of a number of other research reports. Rosenblatt Securities assumed coverage on shares of Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price target on the stock. B. Riley assumed coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price on the stock. Finally, Nomura Securities raised Canaan to a “hold” rating in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Price Performance

Shares of Canaan stock opened at $1.97 on Thursday. The stock has a market capitalization of $595.64 million, a P/E ratio of -1.46 and a beta of 3.06. Canaan has a one year low of $0.72 and a one year high of $3.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.75. The business’s 50 day simple moving average is $1.19 and its two-hundred day simple moving average is $1.08.

Institutional Trading of Canaan

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its position in Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after buying an additional 3,482,283 shares during the period. State Street Corp boosted its stake in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Prime Capital Investment Advisors LLC grew its holdings in Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after purchasing an additional 42,774 shares during the period. Baader Bank Aktiengesellschaft increased its stake in shares of Canaan by 54.0% during the second quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock valued at $824,000 after purchasing an additional 289,629 shares in the last quarter. Finally, SRN Advisors LLC increased its stake in shares of Canaan by 4.9% during the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after purchasing an additional 34,382 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.