Canaan (NASDAQ:CAN) Coverage Initiated at Compass Point

Compass Point started coverage on shares of Canaan (NASDAQ:CAN) in a research report report published on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $2.50 target price on the stock.

CAN has been the topic of a number of other research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $8.00 price target on shares of Canaan in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Canaan currently has an average rating of “Moderate Buy” and an average price target of $3.88.

Canaan Price Performance

Canaan stock opened at $0.99 on Tuesday. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27. The company’s 50 day moving average price is $1.63 and its two-hundred day moving average price is $1.59. 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 stock has a market cap of $279.19 million, a P/E ratio of -0.73 and a beta of 3.39.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CAN. EntryPoint Capital LLC purchased a new position in Canaan in the 4th quarter valued at approximately $32,000. Raymond James Financial Inc. purchased a new position in Canaan in the 4th quarter valued at approximately $33,000. Wellington Management Group LLP purchased a new position in Canaan in the 4th quarter valued at approximately $48,000. Chesapeake Capital Corp IL purchased a new position in Canaan in the 4th quarter valued at approximately $79,000. Finally, SBI Securities Co. Ltd. purchased a new position in Canaan in the 4th quarter valued at approximately $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.