Canaan (NASDAQ:CAN) Now Covered by Benchmark

Analysts at Benchmark began coverage on shares of Canaan (NASDAQ:CAN – Get Rating) in a research note issued to investors on Tuesday, The Fly reports. The firm set a “buy” rating on the stock.

Separately, DA Davidson lowered their target price on shares of Canaan from $15.00 to $10.00 in a report on Monday, May 16th.

Canaan stock traded up $0.20 during midday trading on Tuesday, hitting $3.96. 112,141 shares of the company’s stock were exchanged, compared to its average volume of 4,304,674. Canaan has a 12-month low of $2.56 and a 12-month high of $11.19. The stock has a market cap of $740.28 million, a price-to-earnings ratio of 1.88 and a beta of 3.95. The firm’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $4.96.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Canaan by 2.5% during the first quarter. Vanguard Group Inc. now owns 4,379,126 shares of the company’s stock worth $23,779,000 after purchasing an additional 106,586 shares during the last quarter. Invesco Ltd. increased its position in Canaan by 49.2% during the first quarter. Invesco Ltd. now owns 2,894,464 shares of the company’s stock worth $15,717,000 after purchasing an additional 954,400 shares during the last quarter. BlackRock Inc. increased its position in Canaan by 2.7% during the first quarter. BlackRock Inc. now owns 1,785,967 shares of the company’s stock worth $9,698,000 after purchasing an additional 46,679 shares during the last quarter. Balyasny Asset Management LLC increased its position in Canaan by 407.5% during the third quarter. Balyasny Asset Management LLC now owns 1,706,212 shares of the company’s stock worth $10,425,000 after purchasing an additional 1,370,026 shares during the last quarter. Finally, State Street Corp increased its position in Canaan by 17.8% during the first quarter. State Street Corp now owns 1,539,635 shares of the company’s stock worth $8,360,000 after purchasing an additional 233,129 shares during the last quarter. 13.77% of the stock is owned by institutional investors and hedge funds.

About Canaan (Get Rating)

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People's Republic of China. It is also involved in the assembly of system products; and supply chain and distribution of system products.

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