Canaan (NASDAQ:CAN - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Rosenblatt Securities in a research note issued on Tuesday,Benzinga reports. They currently have a $8.00 price objective on the stock.
Separately, HC Wainwright reissued a "buy" rating and issued a $3.00 price target on shares of Canaan in a report on Wednesday, January 22nd.
Get Our Latest Analysis on CAN
Canaan Stock Performance
Shares of NASDAQ CAN traded up $0.03 during trading on Tuesday, reaching $1.27. 13,160,744 shares of the company traded hands, compared to its average volume of 15,084,689. Canaan has a 12-month low of $0.72 and a 12-month high of $3.27. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market cap of $357.61 million, a P/E ratio of -0.94 and a beta of 3.39. The firm's fifty day simple moving average is $1.84 and its 200 day simple moving average is $1.59.
Hedge Funds Weigh In On Canaan
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its position in Canaan by 38.6% during 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 last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the third quarter worth $556,000. Prime Capital Investment Advisors LLC grew its holdings in Canaan by 4.9% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company's stock valued at $924,000 after buying an additional 42,774 shares in the last quarter. Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock worth $550,000 after acquiring an additional 418,052 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after acquiring an additional 23,759 shares during the last quarter. 70.14% of the stock is owned by hedge funds and other 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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