Canaan (NASDAQ:CAN) Shares Gap Up – Here’s Why

Shares of Canaan Inc. (NASDAQ:CAN) gapped up prior to trading on Wednesday . The stock had previously closed at $2.53, but opened at $2.71. Canaan shares last traded at $2.49, with a volume of 3,192,151 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CAN. Rosenblatt Securities raised their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Canaan in a research note on Thursday, November 21st. Finally, B. Riley initiated coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company.

Canaan Stock Performance

The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $1.55 and a 200 day moving average price of $1.20.

Institutional Investors Weigh In On Canaan

Several institutional investors have recently bought and sold shares of CAN. Van ECK Associates Corp grew its holdings in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock worth $9,761,000 after purchasing an additional 3,482,283 shares during the last quarter. State Street Corp boosted its position in Canaan by 0.3% during the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares during the period. Prime Capital Investment Advisors LLC boosted its position in Canaan by 4.9% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after buying an additional 42,774 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Canaan in the 3rd quarter worth $556,000. Finally, Quadrature Capital Ltd increased its position in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares during the period. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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.