Canaan (NASDAQ:CAN) Sees Unusually-High Trading Volume – Here’s What Happened

Canaan Inc. (NASDAQ:CAN) saw an uptick in trading volume on Wednesday . 10,842,370 shares changed hands during mid-day trading, a decline of 2% from the previous session’s volume of 11,009,755 shares.The stock last traded at $1.79 and had previously closed at $1.59.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Nomura Securities raised Canaan to a “hold” rating in a research note on Monday, August 19th. B. Riley initiated coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday. Finally, Rosenblatt Securities initiated coverage on shares of Canaan in a research note on Wednesday, September 11th. They set a “buy” rating and a $3.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Trading Up 8.1 %

The company has a 50 day moving average of $1.17 and a 200 day moving average of $1.06. The firm has a market cap of $545.76 million, a P/E ratio of -1.16 and a beta of 3.06. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 2.88.

Institutional Trading of Canaan

Several large investors have recently added to or reduced their stakes in CAN. Van ECK Associates Corp raised its stake in shares of Canaan by 55.4% in the 2nd quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company’s stock valued at $9,761,000 after acquiring an additional 3,482,283 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan in the third quarter worth $556,000. Quadrature Capital Ltd boosted its holdings in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after buying an additional 418,052 shares during the period. Baader Bank Aktiengesellschaft grew its stake in Canaan by 54.0% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 825,876 shares of the company’s stock valued at $824,000 after buying an additional 289,629 shares during the last quarter. Finally, XTX Topco Ltd grew its stake in Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after buying an additional 153,255 shares during the last quarter. 70.14% of the stock is 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.