Canaan (NASDAQ:CAN) Now Covered by Compass Point

Analysts at Compass Point assumed coverage on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $2.50 price target on the stock. Compass Point’s price objective would suggest a potential upside of 133.64% from the company’s current price.

A number of other research firms also recently issued reports on CAN. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a report on Tuesday, March 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $8.00 price target on shares of Canaan in a research note on Monday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Canaan has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Down 3.6 %

CAN opened at $1.07 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 stock has a fifty day moving average of $1.69 and a 200-day moving average of $1.60. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. The company has a market capitalization of $301.29 million, a P/E ratio of -0.79 and a beta of 3.39.

Hedge Funds Weigh In On Canaan

Several hedge funds have recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new stake in shares of Canaan during the 4th quarter worth approximately $32,000. Raymond James Financial Inc. bought a new stake in Canaan during the fourth quarter worth $33,000. Wellington Management Group LLP acquired a new stake in shares of Canaan in the 4th quarter valued at $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the 4th quarter valued at $79,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Canaan in the 4th quarter valued at $83,000. 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.