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

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

Separately, HC Wainwright reissued a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Tuesday, March 4th.

Canaan Stock Performance

Canaan stock opened at $1.09 on Tuesday. The company has a market cap of $306.92 million, a PE ratio of -0.81 and a beta of 3.39. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average price is $1.80 and its 200-day moving average price is $1.60.

Institutional Investors Weigh In On Canaan

Several hedge funds and other institutional investors have recently modified their holdings of CAN. EntryPoint Capital LLC bought a new position in Canaan in the 4th quarter valued at $32,000. Raymond James Financial Inc. bought a new position in Canaan in the 4th quarter worth about $33,000. Wellington Management Group LLP bought a new stake in shares of Canaan during the fourth quarter valued at approximately $48,000. Chesapeake Capital Corp IL purchased a new stake in shares of Canaan in the fourth quarter valued at approximately $79,000. Finally, SBI Securities Co. Ltd. purchased a new position in Canaan during the 4th quarter worth $83,000. 70.14% of the stock is currently owned by hedge funds and other 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.