Canaan (NASDAQ:CAN) Given Buy Rating at Rosenblatt Securities

Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating restated by research analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $8.00 target price on the stock. Rosenblatt Securities' price objective points to a potential upside of 379.04% from the company's current price.

Separately, HC Wainwright reissued a "buy" rating and issued a $3.00 target price on shares of Canaan in a report on Wednesday, January 22nd.

Canaan Stock Performance

CAN stock traded down $0.12 during trading on Thursday, hitting $1.67. The company had a trading volume of 11,416,670 shares, compared to its average volume of 15,339,284. The firm has a 50-day moving average price of $2.05 and a 200-day moving average price of $1.56. 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 firm has a market cap of $470.24 million, a PE ratio of -1.24 and a beta of 3.26. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27.

Institutional Investors Weigh In On Canaan

Several large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new stake in Canaan in the fourth quarter valued at $1,389,000. GTS Securities LLC grew its holdings in Canaan by 137.7% in the fourth quarter. GTS Securities LLC now owns 67,648 shares of the company's stock valued at $139,000 after purchasing an additional 39,183 shares during the last quarter. Connective Capital Management LLC acquired a new stake in Canaan in the fourth quarter valued at $388,000. Vident Advisory LLC grew its holdings in Canaan by 2,306.4% in the fourth quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock valued at $8,839,000 after purchasing an additional 4,132,539 shares during the last quarter. Finally, Two Sigma Advisers LP grew its holdings in Canaan by 251.9% in the fourth quarter. Two Sigma Advisers LP now owns 1,365,700 shares of the company's stock valued at $2,800,000 after purchasing an additional 977,600 shares during the last quarter. Hedge funds and other institutional investors 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.