H.C. Wainwright Remains a Buy on Canaan (CAN)

In a report released today, Kevin Dede from H.C. Wainwright maintained a Buy rating on Canaan (CANResearch Report), with a price target of $5.00. The company’s shares opened today at $3.60.

According to TipRanks, Dede is an analyst with an average return of -7.7% and a 29.61% success rate. Dede covers the Technology sector, focusing on stocks such as Canaan, HIVE Blockchain Technologies, and Biotricity.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Canaan with a $7.33 average price target.

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Based on Canaan’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.65 billion and a net profit of $608.91 million. In comparison, last year the company earned a revenue of $1.08 billion and had a net profit of $167.29 million

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Canaan, Inc. designs and sells integrated circuits. It offers Kendryte AI and Avalon Miner products. The firm is a developer of supercomputing chips and the manufacturer of digital block chain computing equipment as well as the supplier of overall scheme for computer software and hardware of digital block chain. The company was founded by Li Jiaxuan, Liu Xiangfu and Zhang Nangeng in 2013 and is headquartered in Hangzhou, China.

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