HC Wainwright Reiterates “Buy” Rating for Canaan (NASDAQ:CAN)

Canaan (NASDAQ:CAN)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $3.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 40.19% from the stock’s previous close.

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

Canaan Stock Performance

Shares of CAN opened at $2.14 on Wednesday. Canaan has a twelve month low of $0.72 and a twelve month high of $3.27. The firm has a 50 day moving average of $2.15 and a 200 day moving average of $1.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Institutional Investors Weigh In On Canaan

Large investors have recently made changes to their positions in the company. State Street Corp increased its position in Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares in the last quarter. Virtu Financial LLC increased its holdings in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after acquiring an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan during the 2nd quarter worth approximately $34,000. Finally, Commonwealth Equity Services LLC lifted its holdings in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. 70.14% of the stock is currently owned by 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.