Rosenblatt Securities Forecasts Strong Price Appreciation for Canaan (NASDAQ:CAN) Stock

Canaan (NASDAQ:CAN) had its target price lifted by Rosenblatt Securities from $3.00 to $4.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, November 21st. Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. Finally, B. Riley started coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock.

Canaan Stock Performance

Shares of NASDAQ:CAN opened at $3.04 on Friday. The business has a fifty day moving average of $1.42 and a 200-day moving average of $1.15. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a twelve month low of $0.72 and a twelve month high of $3.50. The firm has a market cap of $856.00 million, a PE ratio of -2.25 and a beta of 3.24.

Hedge Funds Weigh In On Canaan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan in the 2nd quarter valued at $34,000. XTX Topco Ltd bought a new position in Canaan during the second quarter worth about $79,000. Virtu Financial LLC grew its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares during the period. Farther Finance Advisors LLC increased 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 in the last quarter. Finally, Impact Partnership Wealth LLC raised its position in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after purchasing an additional 92,038 shares during the period. 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.