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Canaan (NASDAQ:CAN) Price Target Raised to $4.00

Canaan logo with Computer and Technology background

Canaan (NASDAQ:CAN - Get Free Report) had its target price lifted by research analysts at Rosenblatt Securities from $3.00 to $4.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Rosenblatt Securities' target price would indicate a potential upside of 31.58% from the company's previous close.

CAN has been the subject of several other research reports. HC Wainwright reiterated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st. Nomura Securities upgraded Canaan to a "hold" rating in a report on Monday, August 19th. Finally, B. Riley began coverage on Canaan in a research note on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price objective for the company.

View Our Latest Stock Analysis on CAN

Canaan Price Performance

Shares of NASDAQ:CAN traded up $0.79 during mid-day trading on Friday, hitting $3.04. 47,092,098 shares of the company traded hands, compared to its average volume of 21,420,572. The stock has a 50-day moving average price of $1.42 and a two-hundred day moving average price of $1.15. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently bought and sold shares of CAN. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Canaan in the second quarter valued at approximately $34,000. XTX Topco Ltd bought a new stake in Canaan during the 2nd quarter valued at $79,000. Virtu Financial LLC lifted its position in shares of Canaan by 35.2% during the third 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 boosted its holdings in shares of Canaan by 38.6% in the third 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 during the period. Finally, Impact Partnership Wealth LLC grew its position in shares of Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company's stock valued at $126,000 after purchasing an additional 92,038 shares in the last quarter. 70.14% of the stock is owned by institutional investors.

Canaan Company Profile

(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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