Rosenblatt Securities Increases Canaan (NASDAQ:CAN) Price Target to $4.00

Canaan (NASDAQ:CAN) had its price target lifted by Rosenblatt Securities from $3.00 to $4.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 31.58% from the company’s current price.

A number of other research firms have also weighed in on CAN. B. Riley began coverage on shares of Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, November 21st. Finally, Nomura Securities raised Canaan to a “hold” rating in a research report on Monday, August 19th.

Canaan Trading Up 35.1 %

Canaan stock opened at $3.04 on Friday. The stock has a 50-day moving average price of $1.42 and a 200 day moving average price of $1.15. Canaan has a 52 week low of $0.72 and a 52 week high of $3.50. The stock has a market cap of $856.00 million, a PE ratio of -2.25 and a beta of 3.24. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Hedge Funds Weigh In On Canaan

A number of large investors have recently bought and sold shares of CAN. Van ECK Associates Corp increased its holdings in shares of Canaan by 55.4% during the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after buying an additional 3,482,283 shares during the last quarter. State Street Corp increased its stake in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after acquiring an additional 23,759 shares during the last quarter. Prime Capital Investment Advisors LLC raised its holdings in shares of Canaan by 4.9% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock worth $924,000 after purchasing an additional 42,774 shares during the period. Baader Bank Aktiengesellschaft lifted its stake in shares of Canaan by 54.0% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock valued at $824,000 after purchasing an additional 289,629 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan during the 3rd quarter worth about $556,000. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.