Compass Point Initiates Coverage on Canaan (NASDAQ:CAN)

Research analysts at Compass Point started coverage on shares of Canaan (NASDAQ:CAN) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $2.50 price target on the stock. Compass Point’s price target points to a potential upside of 148.76% from the company’s current price.

CAN has been the subject of a number of other research reports. Rosenblatt Securities reissued a “buy” rating and set a $8.00 target price on shares of Canaan in a research report on Monday. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Tuesday, March 4th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Canaan presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.88.

Canaan Price Performance

Shares of Canaan stock opened at $1.01 on Tuesday. 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 firm has a fifty day simple moving average of $1.65 and a 200-day simple moving average of $1.60. The stock has a market capitalization of $282.99 million, a price-to-earnings ratio of -0.74 and a beta of 3.39. Canaan has a 1-year low of $0.72 and a 1-year high of $3.27.

Institutional Trading of Canaan

Hedge funds have recently bought and sold shares of the stock. EntryPoint Capital LLC bought a new position in shares of Canaan during the 4th quarter worth about $32,000. Raymond James Financial Inc. acquired a new stake in Canaan during the fourth quarter worth about $33,000. Wellington Management Group LLP bought a new position in Canaan during the fourth quarter valued at about $48,000. State Street Corp raised its holdings in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Finally, Virtu Financial LLC lifted its position in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the period. 70.14% of the stock is owned by institutional investors.

Canaan Company Profile

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.