Canaan (NASDAQ:CAN) Shares Gap Up – Still a Buy?

Shares of Canaan Inc. (NASDAQ:CAN) gapped up before the market opened on Wednesday . The stock had previously closed at $1.80, but opened at $1.88. Canaan shares last traded at $1.87, with a volume of 5,562,953 shares.

Analyst Ratings Changes

Several analysts have recently weighed in on CAN shares. Rosenblatt Securities began coverage on Canaan in a report on Wednesday, September 11th. They issued a “buy” rating and a $3.00 target price for the company. B. Riley started coverage on Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st. Finally, Nomura Securities upgraded shares of Canaan to a “hold” rating in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $3.38.

Canaan Stock Performance

The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $1.24 and a 200-day moving average price of $1.09. The firm has a market cap of $512.48 million, a price-to-earnings ratio of -1.35 and a beta of 3.06.

Institutional Trading of Canaan

Several hedge funds have recently made changes to their positions in CAN. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan during the second quarter worth about $34,000. XTX Topco Ltd acquired a new position in Canaan during the 2nd quarter worth approximately $79,000. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after buying an additional 26,920 shares in the last quarter. Farther Finance Advisors LLC lifted 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 valued at $111,000 after buying an additional 30,447 shares during the period. Finally, Impact Partnership Wealth LLC lifted its holdings in shares of Canaan by 271.1% in the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after buying an additional 92,038 shares during the period. Institutional investors and hedge funds 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.