Canaan (NASDAQ:CAN) Stock Price Up 10.5% – Still a Buy?

Canaan Inc. (NASDAQ:CAN)’s share price was up 10.5% on Thursday . The company traded as high as $3.03 and last traded at $2.94. Approximately 9,653,854 shares were traded during trading, a decline of 20% from the average daily volume of 12,002,240 shares. The stock had previously closed at $2.66.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. B. Riley started coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. Nomura Securities upgraded shares of Canaan to a “hold” rating in a report on Monday, August 19th. Rosenblatt Securities increased their price objective on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday, November 21st.

Canaan Stock Up 3.6 %

The firm has a 50-day moving average price of $1.59 and a two-hundred day moving average price of $1.21. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The firm has a market cap of $805.32 million, a price-to-earnings ratio of -2.12 and a beta of 3.24.

Hedge Funds Weigh In On Canaan

Several large investors have recently bought and sold shares of CAN. State Street Corp lifted its holdings in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Virtu Financial LLC lifted its stake in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after buying an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after acquiring an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan during the second quarter worth approximately $34,000. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after acquiring an additional 36,422 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.