Canaan (NASDAQ:CAN) Receives Buy Rating from Rosenblatt Securities

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $8.00 price objective on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 349.44% from the stock’s previous close.

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

Canaan Price Performance

NASDAQ:CAN opened at $1.78 on Thursday. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27. The business’s 50-day moving average is $2.10 and its 200 day moving average is $1.55. The company has a market capitalization of $501.21 million, a P/E ratio of -1.32 and a beta of 3.26.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Van ECK Associates Corp increased its stake in shares of Canaan by 12.9% in the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock worth $21,255,000 after acquiring an additional 1,187,796 shares during the period. State Street Corp boosted its holdings in Canaan by 0.3% in the third 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. Vanguard Group Inc. grew its position in Canaan by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 8,760,909 shares of the company’s stock worth $17,960,000 after purchasing an additional 223,241 shares during the period. Tidal Investments LLC purchased a new position in shares of Canaan during the 4th quarter valued at about $9,584,000. Finally, Vident Advisory LLC lifted its holdings in shares of Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company’s stock valued at $8,839,000 after buying an additional 4,132,539 shares during the period. 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.