HC Wainwright Reaffirms Buy Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research note issued on Thursday,Benzinga reports. They presently have a $3.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 79.64% from the stock’s previous close.

Several other equities analysts have also issued reports on CAN. Nomura Securities upgraded Canaan to a “hold” rating in a research note on Monday, August 19th. Rosenblatt Securities assumed coverage on Canaan in a research report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price on the stock. Finally, B. Riley initiated coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Stock Performance

Shares of NASDAQ:CAN opened at $1.67 on Thursday. Canaan has a 1 year low of $0.72 and a 1 year high of $3.50. The stock has a market capitalization of $504.94 million, a price-to-earnings ratio of -1.08 and a beta of 3.06. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The company’s 50 day simple moving average is $1.15 and its 200 day simple moving average is $1.06.

Hedge Funds Weigh In On Canaan

A number of institutional investors and hedge funds have recently bought and sold shares of CAN. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Canaan during the third quarter worth about $556,000. Quadrature Capital Ltd increased its position in Canaan by 323.3% in the 1st quarter. Quadrature Capital Ltd now owns 280,686 shares of the company’s stock valued at $422,000 after acquiring an additional 214,384 shares during the period. Van ECK Associates Corp raised its stake in shares of Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares during the last quarter. SRN Advisors LLC raised its stake in shares of Canaan by 4.9% during the first quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock valued at $1,124,000 after acquiring an additional 34,382 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock worth $215,000 after purchasing an additional 36,422 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.