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

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN) in a research report released on Wednesday,Benzinga reports. The firm currently has a $3.00 price target on the stock. HC Wainwright also issued estimates for Canaan’s FY2025 earnings at ($0.15) EPS.

Separately, Rosenblatt Securities raised their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Canaan Price Performance

CAN stock opened at $2.09 on Wednesday. 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 company’s fifty day simple moving average is $2.19 and its 200 day simple moving average is $1.45. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The firm has a market cap of $588.50 million, a price-to-earnings ratio of -1.55 and a beta of 3.27.

Institutional Investors Weigh In On Canaan

Several hedge funds and other institutional investors have recently bought and sold shares of CAN. State Street Corp boosted its position in shares of Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after purchasing an additional 23,759 shares in the last quarter. Exchange Traded Concepts LLC bought a new position in Canaan in the fourth quarter worth approximately $2,807,000. Baader Bank Aktiengesellschaft grew its stake in Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after acquiring an additional 968,347 shares during the period. Prime Capital Investment Advisors LLC increased its holdings 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 acquiring an additional 42,774 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Canaan during the third quarter worth approximately $556,000. 70.14% of the stock is owned by 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.