HC Wainwright Reaffirms "Buy" Rating for Canaan (NASDAQ:CAN)

HC Wainwright restated their buy rating on shares of Canaan (NASDAQ:CAN - Free Report) in a research report released on Thursday morning,Benzinga reports. HC Wainwright currently has a $3.00 target price on the stock.

Other equities analysts have also issued research reports about the company. Compass Point assumed coverage on Canaan in a research note on Tuesday, March 18th. They issued a "buy" rating and a $2.50 price target on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $8.00 price objective on shares of Canaan in a research report on Thursday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $3.88.

Canaan Price Performance

Shares of NASDAQ:CAN traded down $0.04 during trading on Thursday, reaching $0.87. 6,744,675 shares of the company traded hands, compared to its average volume of 11,331,514. The firm has a market capitalization of $244.13 million, a PE ratio of -0.64 and a beta of 3.39. Canaan has a 52 week low of $0.72 and a 52 week high of $3.27. 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 company's 50 day moving average is $1.52 and its two-hundred day moving average is $1.60.

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Canaan (NASDAQ:CAN - Get Free Report) last released its earnings results on Wednesday, March 26th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($0.88) by ($1.29). The firm had revenue of $88.77 million during the quarter, compared to the consensus estimate of $88.50 million. Canaan had a negative net margin of 128.85% and a negative return on equity of 60.37%. During the same period in the prior year, the business earned ($2.16) earnings per share. As a group, sell-side analysts predict that Canaan will post -0.74 earnings per share for the current year.

Institutional Trading of Canaan

A number of hedge funds have recently made changes to their positions in CAN. Tidal Investments LLC bought a new position in Canaan in the 4th quarter valued at approximately $9,584,000. Vident Advisory LLC increased its position in Canaan by 2,306.4% in the 4th quarter. Vident Advisory LLC now owns 4,311,718 shares of the company's stock valued at $8,839,000 after acquiring an additional 4,132,539 shares during the period. Marshall Wace LLP bought a new position in shares of Canaan during the fourth quarter valued at $5,343,000. Renaissance Technologies LLC acquired a new position in shares of Canaan during the fourth quarter worth $3,689,000. Finally, Millennium Management LLC lifted its holdings in shares of Canaan by 139.7% during the fourth quarter. Millennium Management LLC now owns 2,808,545 shares of the company's stock worth $5,758,000 after purchasing an additional 1,637,019 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

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.