Canaan Inc. (CAN), a computer hardware manufacturer specializing in cryptocurrency mining equipment, saw its stock soar 14.96% in post-market trading on Wednesday. The significant uptick comes on the heels of a positive analyst action from B. Riley.

B. Riley, a notable financial services firm, raised its price target on Canaan from $2 to $3 while maintaining a Buy rating on the stock. This upward revision in the price target signals increased confidence in Canaan's future prospects and potential for growth. The new target price of $3 represents a substantial premium over the stock's previous closing price, potentially attracting more investor interest.

The crypto mining hardware sector has been volatile, often moving in tandem with cryptocurrency prices and mining profitability. While specific reasons for B. Riley's more bullish stance were not immediately available, it could be related to improving market conditions for crypto mining or company-specific developments. Investors are advised to monitor Canaan's upcoming announcements and industry trends for a more comprehensive understanding of the company's outlook.