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

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

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

Canaan Stock Performance

Shares of NASDAQ:CAN opened at $1.18 on Tuesday. The firm has a fifty day simple moving average of $1.91 and a two-hundred day simple moving average of $1.59. Canaan has a 52 week low of $0.72 and a 52 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 stock has a market capitalization of $332.27 million, a P/E ratio of -0.87 and a beta of 3.26.

Institutional Investors Weigh In On Canaan

Several hedge funds and other institutional investors have recently made changes to their positions in CAN. Farther Finance Advisors LLC boosted its stake in shares of Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Canaan in the third quarter worth about $556,000. Prime Capital Investment Advisors LLC boosted its position in shares of Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after buying an additional 42,774 shares during the period. Quadrature Capital Ltd grew its stake in shares of Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after buying an additional 418,052 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.