Canaan Inc. (NASDAQ:CAN – Get Free Report)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.06, but opened at $2.19. Canaan shares last traded at $2.28, with a volume of 6,541,507 shares.
Analysts Set New Price Targets
Several brokerages have issued reports on CAN. Rosenblatt Securities boosted their price target on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. Finally, B. Riley began coverage on Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price objective for the company.
View Our Latest Report on Canaan
Canaan Stock Up 10.7 %
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan in the second quarter valued at $34,000. XTX Topco Ltd bought a new stake in Canaan in the 2nd quarter valued at $79,000. Virtu Financial LLC boosted its position in Canaan by 35.2% during the third 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. Farther Finance Advisors LLC increased its holdings 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 raised 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 period. 70.14% of the stock is currently owned by institutional investors.
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.
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