5 Best Bitcoin Stocks to Buy Now

4. Canaan Inc. (NASDAQ:CAN)

Number of Hedge Fund Holders: 8

Canaan Inc. (NASDAQ:CAN) is a Chinese computer hardware manufacturer that is involved in the research and development of integrated circuits and microprocessors for Bitcoin mining operations. On August 18, Canaan Inc. (NASDAQ:CAN) announced market-beating earnings for the fiscal second quarter of 2022. The company reported earnings per share of $0.59 and beat expectations by $0.20. The company generated a revenue of $243.5 million.

This July, H.C. Wainwright analyst Kevin Dede started coverage of Canaan Inc. (NASDAQ:CAN) with a Buy rating and a $5 price target. The analyst noted that the company is a pioneering Chinese manufacturer of bitcoin mining equipment and AI-directed semiconductors. The analyst likes the company’s “technical skill and rising profile”. Over the past three months, Canaan Inc. (NASDAQ:CAN) has received 2 Buy ratings from Wall Street analysts and has an average price target of $6.5, which represents an upside of 103%.

At the end of Q2 2022, 8 hedge funds held stakes in Canaan Inc. (NASDAQ:CAN). The total value of these stakes amounted to $8.9 million, up from $8.83 million a quarter ago with 7 positions. The hedge fund sentiment for the stock is positive. As of June 30, Polunin Capital is the leading shareholder in Canaan Inc. (NASDAQ:CAN) and has stakes worth $4.5 million in the company.