Rosenblatt Securities Reiterates Buy Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They currently have a $8.00 price target on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 379.04% from the company’s previous close.

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Wednesday, January 22nd.

Canaan Trading Down 6.7 %

NASDAQ CAN opened at $1.67 on Thursday. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. 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 stock has a market cap of $470.24 million, a price-to-earnings ratio of -1.24 and a beta of 3.26. The firm’s 50 day moving average price is $2.05 and its two-hundred day moving average price is $1.56.

Institutional Investors Weigh In On Canaan

Institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd boosted its stake in shares of Canaan by 329.4% during the 3rd 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 period. Baader Bank Aktiengesellschaft boosted its stake in shares of Canaan by 287.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after buying an additional 968,347 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the 3rd quarter valued at $556,000. Exchange Traded Concepts LLC acquired a new stake in shares of Canaan in the 4th quarter valued at $2,807,000. Finally, State Street Corp lifted its stake in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Institutional investors and hedge funds 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.