Canaan (NASDAQ:CAN) Earns Buy Rating from HC Wainwright

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $3.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 40.19% from the company’s current price.

Separately, Rosenblatt Securities lifted their price objective on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Canaan Stock Performance

NASDAQ:CAN opened at $2.14 on Wednesday. The stock has a 50-day moving average price of $2.15 and a 200 day moving average price of $1.43. 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 Trading of Canaan

Large investors have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan during the second quarter worth $34,000. Old Port Advisors purchased a new stake in shares of Canaan in the fourth quarter valued at $100,000. XTX Topco Ltd bought a new stake in shares of Canaan in the 2nd quarter worth about $79,000. Virtu Financial LLC boosted its stake in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after purchasing an additional 30,447 shares during the last quarter. 70.14% of the stock is currently 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.