Rosenblatt Securities Reaffirms “Buy” Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They presently have a $8.00 price objective on the stock.

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

Canaan Price Performance

NASDAQ:CAN opened at $1.18 on Tuesday. The firm has a market cap of $332.27 million, a price-to-earnings ratio of -0.87 and a beta of 3.26. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average is $1.91 and its two-hundred day moving average is $1.59.

Institutional Trading of Canaan

A number of hedge funds have recently added to or reduced their stakes in the business. EntryPoint Capital LLC acquired a new position in shares of Canaan during the 4th quarter valued at about $32,000. Raymond James Financial Inc. acquired a new position in Canaan during the fourth quarter worth approximately $33,000. Wellington Management Group LLP purchased a new position in Canaan during the fourth quarter worth approximately $48,000. Chesapeake Capital Corp IL acquired a new position in shares of Canaan in the 4th quarter valued at $79,000. Finally, SBI Securities Co. Ltd. acquired 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 and hedge funds.

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.