Canaan (NASDAQ:CAN) Shares Gap Up – What’s Next?

Canaan Inc. (NASDAQ:CAN) gapped up prior to trading on Tuesday . The stock had previously closed at $1.76, but opened at $1.85. Canaan shares last traded at $1.87, with a volume of 1,424,245 shares traded.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Rosenblatt Securities lifted their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th. B. Riley assumed coverage on Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, November 21st.

Canaan Stock Down 3.1 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The business has a 50 day moving average price of $2.11 and a 200 day moving average price of $1.40. The firm has a market capitalization of $529.37 million, a P/E ratio of -1.39 and a beta of 3.27.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently added to or reduced their stakes in CAN. Commonwealth Equity Services LLC boosted its holdings in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan during the second quarter valued at approximately $34,000. XTX Topco Ltd acquired a new position in shares of Canaan in the 2nd quarter worth approximately $79,000. Farther Finance Advisors LLC boosted its holdings in shares of Canaan by 38.6% in the 3rd 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 in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Canaan in the 3rd quarter worth approximately $556,000. 70.14% of the stock is owned by institutional investors and hedge funds.

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.