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Investing.com - Benchmark raised its price target on Canaan Inc. (NASDAQ:CAN) to $4.00 from $2.00 while maintaining a Buy rating on the stock. Currently trading at $1.77, the stock has shown remarkable momentum with a 102% surge over the past six months, according to InvestingPro data.
The price target increase follows Nasdaq’s notification last week that Canaan has regained compliance with the exchange’s minimum bid requirement after closing at or above $1.00 for 10 consecutive business days.
According to Benchmark, the resolution of this compliance issue removes a major overhang for the company, eliminating a listing-status risk that had previously dampened liquidity and prevented some institutional investors from participating.
With the compliance matter now closed, Benchmark notes investors can refocus on Canaan’s core business strengths, including momentum in its bitcoin mining rig business as orders for Avalon A15-series accelerate.
The firm also highlighted Canaan’s expanding bitcoin self-mining operations in the U.S., which feature growing deployed hashrate, low power costs, and portfolio hedging strategies.
In other recent news, Canaan Inc . has regained compliance with the Nasdaq’s minimum bid price requirement, ensuring its continued listing on the Nasdaq Global Market. This compliance was confirmed by a notification from Nasdaq, which stated that Canaan’s share price met the minimum bid price of $1.00 per share over the required period. Additionally, H.C. Wainwright has reiterated its Buy rating and $3.00 price target for Canaan following the announcement of a new joint venture with Aurora AZ Energy Ltd. This venture will convert flare gas from Alberta oil wells into electricity for bitcoin mining, with operations expected to commence in early 2025.
Canaan has also launched a pilot project in Calgary, Alberta, to convert flared natural gas into power for computing operations, deploying over $2 million worth of Avalon A15 Pro miners. The company’s deployed hashrate has reached 9.30 EH/s, with 7.84 EH/s in operation as of the end of September. In September, Canaan mined 92 bitcoins and maintained a record cryptocurrency treasury of 1,582 bitcoins and 2,830 ETH. Meanwhile, Soluna Holdings has settled all matters with NYDIG and announced compliance with Nasdaq’s continued listing requirements, paving the way for future growth.
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