Canaan (NASDAQ:CAN) Earns Buy Rating from Analysts at Compass Point

Stock analysts at Compass Point assumed coverage on shares of Canaan (NASDAQ:CAN) in a research note issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $2.50 price target on the stock. Compass Point’s target price would suggest a potential upside of 133.64% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Tuesday, March 4th. Rosenblatt Securities reiterated a “buy” rating and set a $8.00 target price on shares of Canaan in a research report on Monday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Stock Performance

Shares of Canaan stock opened at $1.07 on Tuesday. The company’s 50 day moving average price is $1.69 and its two-hundred day moving average price is $1.60. The firm has a market capitalization of $301.29 million, a P/E ratio of -0.79 and a beta of 3.39. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Institutional Investors Weigh In On Canaan

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