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

Rosenblatt Securities reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $8.00 price target on the stock.

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

Canaan Price Performance

NASDAQ CAN opened at $1.24 on Tuesday. The firm’s fifty day simple moving average is $1.84 and its two-hundred day simple moving average is $1.59. The firm has a market capitalization of $349.16 million, a P/E ratio of -0.92 and a beta of 3.39. 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.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC lifted its stake in shares of Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after buying an additional 30,447 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan during the 3rd quarter worth about $556,000. Prime Capital Investment Advisors LLC grew its stake in Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares during the last quarter. Quadrature Capital Ltd increased its holdings in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares during the period. Finally, State Street Corp raised its stake in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $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.