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

Canaan Inc. (NASDAQ:CAN)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.80, but opened at $1.88. Canaan shares last traded at $1.87, with a volume of 5,562,953 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. B. Riley initiated coverage on Canaan in a research report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price for the company. Nomura Securities raised shares of Canaan to a “hold” rating in a report on Monday, August 19th. Rosenblatt Securities assumed coverage on shares of Canaan in a research note on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Canaan has a consensus rating of “Moderate Buy” and a consensus target price of $3.38.

Canaan Stock Down 0.3 %

The stock has a 50-day simple moving average of $1.21 and a 200-day simple moving average of $1.08. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Hedge Funds Weigh In On Canaan

Hedge funds have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan in the 2nd quarter valued at $34,000. XTX Topco Ltd purchased a new position in Canaan in the second quarter valued at about $79,000. Virtu Financial LLC raised its stake in shares of Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of 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 buying an additional 30,447 shares during the last quarter. Finally, Impact Partnership Wealth LLC increased its holdings in Canaan by 271.1% in the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company’s stock worth $126,000 after buying an additional 92,038 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.