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

Canaan Inc. (NASDAQ:CAN)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $2.08, but opened at $1.91. Canaan shares last traded at $1.93, with a volume of 3,445,312 shares.

Analysts Set New Price Targets

CAN has been the subject of several analyst reports. Nomura Securities upgraded shares of Canaan to a “hold” rating in a report on Monday, August 19th. HC Wainwright reiterated a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st. B. Riley assumed coverage on shares of Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective for the company. Finally, Rosenblatt Securities assumed coverage on shares of Canaan in a report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.38.

Canaan Stock Performance

The business’s 50-day moving average price is $1.21 and its 200-day moving average price is $1.08. 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 stock has a market cap of $562.06 million, a PE ratio of -1.38 and a beta of 3.06.

Institutional Trading of Canaan

Several large investors have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC acquired a new stake in Canaan during the 2nd quarter valued at approximately $34,000. XTX Topco Ltd acquired a new stake in Canaan during the 2nd quarter valued at approximately $79,000. Virtu Financial LLC lifted its stake in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after acquiring an additional 26,920 shares during the period. Farther Finance Advisors LLC lifted its stake in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after acquiring an additional 30,447 shares during the period. Finally, Impact Partnership Wealth LLC lifted its stake in Canaan by 271.1% during the 2nd quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock valued at $126,000 after acquiring an additional 92,038 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.

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.