HC Wainwright & Co. Maintains Buy Rating for Canaan: Here's What You Need To Know

HC Wainwright & Co. has decided to maintain its Buy rating of Canaan CAN and lower its price target from $4.00 to $3.00.

Shares of Canaan are trading up 1.16% over the last 24 hours, at $1.74 per share.

A move to $3.00 would account for a 72.41% increase from the current share price.

About Canaan

Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The revenues of the company are derived from the sales of Bitcoin mining machines and related parts.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in Benzinga Pro.

This article was generated by Benzinga's automated content engine and reviewed by an editor.