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

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report released on Thursday,Benzinga reports. They currently have a $3.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 219.11% from the stock’s current price.

CAN has been the topic of a number of other research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $8.00 target price on shares of Canaan in a report on Thursday. Compass Point started coverage on Canaan in a report on Tuesday, March 18th. They issued a “buy” rating and a $2.50 price target on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Canaan currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Performance

Shares of CAN stock opened at $0.94 on Thursday. The stock has a market capitalization of $264.72 million, a price-to-earnings ratio of -0.70 and a beta of 3.39. Canaan has a one year low of $0.72 and a one year high of $3.27. The company’s 50-day simple moving average is $1.56 and its 200-day simple moving average is $1.60. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Investors Weigh In On Canaan

Large investors have recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new position in shares of Canaan during the fourth quarter worth approximately $32,000. Raymond James Financial Inc. acquired a new position in Canaan during the 4th quarter worth $33,000. Wellington Management Group LLP acquired a new position in Canaan during the 4th quarter worth $48,000. Chesapeake Capital Corp IL bought a new position in shares of Canaan in the fourth quarter worth $79,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Canaan during the fourth quarter valued at $83,000. 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.