Canaan’s (CAN) “Buy” Rating Reiterated at Rosenblatt Securities

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reiterated by analysts at Rosenblatt Securities in a note issued to investors on Tuesday,Benzinga reports. They presently have a $8.00 price objective on the stock.

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

Canaan Stock Down 9.9 %

Shares of NASDAQ:CAN opened at $1.18 on Tuesday. The stock has a 50-day simple moving average of $1.91 and a 200-day simple moving average of $1.59. The stock has a market capitalization of $332.27 million, a P/E ratio of -0.87 and a beta of 3.26. Canaan has a 1 year low of $0.72 and a 1 year high of $3.27. 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

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