Canaan’s (CAN) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Canaan (NASDAQ:CAN) in a report released on Wednesday,Benzinga reports. HC Wainwright currently has a $3.00 price objective on the stock. HC Wainwright also issued estimates for Canaan’s FY2025 earnings at ($0.15) EPS.

Separately, Rosenblatt Securities raised their target price on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Canaan Stock Down 1.4 %

CAN stock opened at $2.09 on Wednesday. The firm has a 50-day moving average price of $2.19 and a 200-day moving average price of $1.45. Canaan has a 12 month low of $0.72 and a 12 month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $588.50 million, a P/E ratio of -1.55 and a beta of 3.27.

Institutional Investors Weigh In On Canaan

Several hedge funds have recently added to or reduced their stakes in CAN. State Street Corp increased its position in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares during the period. Exchange Traded Concepts LLC bought a new stake in shares of Canaan in the fourth quarter worth $2,807,000. Baader Bank Aktiengesellschaft increased its holdings in Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after purchasing an additional 968,347 shares during the period. Prime Capital Investment Advisors LLC raised its position in Canaan by 4.9% during 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 last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the 3rd quarter worth about $556,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.