Canaan (NASDAQ:CAN) ADRs rose as much as 2.4% in Thursday premarket trading after HC Wainwright launched coverage on the China-based manufacturer of bitcoin (BTC-USD) mining machines with a Buy rating."The performance consistency of key component ASICs greatly improved through the course of last year," HCW wrote in a note to clients.Nevertheless, shares of Canaan (CAN) are down over 55% in the past year in a move that "may have SEC de-listing threats to blame, among the crypto-verse tumble and sundry stock market crushing macro forces," according to the note.Furthermore, "we see Canaan's business generating solid economics," as the company builds a presence in the U.S. (the world's most popular crypto mining hub), as well as its improved operating performance of its machines, the note said.HCW's Buy rating diverges from the Quant Rating of Hold with the poorest marks in revisions and momentum.Take a look at why SA contributor GI Research is bullish on Canaan.
