Canaan (NASDAQ:CAN) Shares Gap Down – Here’s Why

Canaan Inc. (NASDAQ:CAN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $2.34, but opened at $2.29. Canaan shares last traded at $2.24, with a volume of 2,210,758 shares.

Wall Street Analyst Weigh In

Several analysts have issued reports on CAN shares. B. Riley began coverage on Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities increased their target price 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.

Canaan Stock Performance

The business has a 50 day simple moving average of $2.05 and a 200 day simple moving average of $1.37. The company has a market capitalization of $543.45 million, a PE ratio of -1.43 and a beta of 3.27. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Canaan

A number of large investors have recently bought and sold shares of CAN. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan during the 2nd quarter valued at approximately $34,000. Old Port Advisors acquired a new stake in Canaan during the fourth quarter valued at $100,000. XTX Topco Ltd purchased a new position in Canaan in the second quarter valued at $79,000. Virtu Financial LLC raised its position in shares of Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC raised its position 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 worth $111,000 after acquiring an additional 30,447 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

About Canaan

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.