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

Canaan Inc. (NASDAQ:CAN)’s share price gapped down before the market opened on Monday . The stock had previously closed at $2.07, but opened at $1.87. Canaan shares last traded at $1.96, with a volume of 4,059,951 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities upped their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Stock Performance

The firm has a market cap of $536.41 million, a price-to-earnings ratio of -1.41 and a beta of 3.26. The firm’s 50 day moving average is $2.22 and its 200-day moving average is $1.48. 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 Investors Weigh In On Canaan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Old Port Advisors acquired a new position in Canaan during the fourth quarter valued at approximately $100,000. Private Advisor Group LLC bought a new stake in shares of Canaan during the 4th quarter worth $102,000. Certuity LLC acquired a new position in Canaan in the 4th quarter valued at $205,000. Virtu Financial LLC raised its holdings in Canaan by 35.2% in the 3rd 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 lifted its position in 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 acquiring an additional 30,447 shares during the last quarter. 70.14% of the stock is currently 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.