Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $8.00 price objective on the stock.
Separately, HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Canaan in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Canaan currently has an average rating of "Moderate Buy" and an average price target of $3.88.
Check Out Our Latest Stock Report on CAN
Canaan Trading Down 3.3 %
Shares of CAN stock traded down $0.03 during trading hours on Monday, hitting $0.96. 23,615,780 shares of the company were exchanged, compared to its average volume of 11,224,661. The company has a 50 day simple moving average of $1.63 and a two-hundred day simple moving average of $1.59. The firm has a market cap of $269.92 million, a P/E ratio of -0.71 and a beta of 3.39. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a fifty-two week low of $0.72 and a fifty-two week high of $3.27.
Institutional Trading of Canaan
Several hedge funds have recently bought and sold shares of CAN. Tidal Investments LLC acquired a new position in Canaan during the fourth quarter worth $9,584,000. Vident Advisory LLC raised its holdings in shares of Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock worth $8,839,000 after acquiring an additional 4,132,539 shares during the last quarter. Marshall Wace LLP bought a new position in Canaan in the 4th quarter valued at about $5,343,000. Renaissance Technologies LLC bought a new position in Canaan in the 4th quarter valued at about $3,689,000. Finally, Millennium Management LLC boosted its stake in Canaan by 139.7% during the 4th quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock valued at $5,758,000 after purchasing an additional 1,637,019 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company's stock.
About Canaan
(
Get Free Report)
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.
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