Canaan (NASDAQ:CAN) Shares Gap Down – Time to Sell?

Canaan Inc. (NASDAQ:CAN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $2.08, but opened at $1.91. Canaan shares last traded at $1.93, with a volume of 3,445,312 shares traded.

Analyst Upgrades and Downgrades

CAN has been the topic of several analyst reports. HC Wainwright reiterated a “buy” rating and set a $3.00 target price on shares of Canaan in a report on Thursday, November 21st. B. Riley initiated coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 target price on the stock. Rosenblatt Securities initiated coverage on Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price on the stock. Finally, Nomura Securities upgraded Canaan to a “hold” rating in a report on Monday, August 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Trading Up 1.1 %

The business has a 50-day simple moving average of $1.23 and a two-hundred day simple moving average of $1.09. The stock has a market cap of $550.30 million, a price-to-earnings ratio of -1.35 and a beta of 3.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45.

Hedge Funds Weigh In On Canaan

A number of institutional investors have recently bought and sold shares of CAN. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan in the second quarter valued at approximately $34,000. XTX Topco Ltd acquired a new position in shares of Canaan in the second quarter valued at approximately $79,000. Virtu Financial LLC grew 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 valued at $104,000 after purchasing an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC grew 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 valued at $111,000 after purchasing an additional 30,447 shares during the last quarter. Finally, Impact Partnership Wealth LLC grew its position in shares of Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after purchasing an additional 92,038 shares during the last quarter. 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.