Canaan (NASDAQ:CAN) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Canaan (NASDAQ:CAN) in a research report sent to investors on Thursday morning,Benzinga reports. HC Wainwright currently has a $3.00 price objective on the stock.

A number of other research firms also recently commented on CAN. Nomura Securities raised shares of Canaan to a “hold” rating in a research report on Monday, August 19th. B. Riley assumed coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Finally, Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Canaan currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Stock Down 2.5 %

CAN traded down $0.05 on Thursday, reaching $1.78. The company’s stock had a trading volume of 3,532,479 shares, compared to its average volume of 11,147,952. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.50. The stock has a 50 day moving average of $1.17 and a two-hundred day moving average of $1.06. The company has a market capitalization of $536.69 million, a price-to-earnings ratio of -1.16 and a beta of 3.06.

Institutional Investors Weigh In On Canaan

Several hedge funds have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Canaan during the second quarter worth approximately $34,000. XTX Topco Ltd acquired a new position in Canaan in the 2nd quarter valued at $79,000. Virtu Financial LLC raised its position in 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 buying an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC lifted its holdings in shares of Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares during the period. Institutional investors and hedge funds 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.