Canaan (NASDAQ:CAN) Trading Down 4.6% – Should You Sell?

Canaan Inc. (NASDAQ:CAN) traded down 4.6% during trading on Thursday . The stock traded as low as $1.85 and last traded at $1.85. 1,926,433 shares were traded during mid-day trading, a decline of 85% from the average session volume of 13,280,208 shares. The stock had previously closed at $1.94.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. B. Riley assumed 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 reissued a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st. Finally, Rosenblatt Securities raised their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Canaan Stock Down 2.8 %

The firm has a market capitalization of $530.78 million, a price-to-earnings ratio of -1.40 and a beta of 3.27. The business has a 50 day simple moving average of $2.11 and a 200-day simple moving average of $1.40. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Trading of Canaan

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan in the 2nd quarter worth $34,000. XTX Topco Ltd purchased a new position in shares of Canaan during the 2nd quarter worth $79,000. Old Port Advisors purchased a new position in shares of Canaan during the 4th quarter worth $100,000. Virtu Financial LLC grew its holdings 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 purchasing an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in shares of Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock worth $111,000 after purchasing an additional 30,447 shares during the period. 70.14% of the stock is owned by institutional investors and hedge funds.

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.