Canaan (NASDAQ:CAN) Shares Down 8.6% – Time to Sell?

Canaan Inc. (NASDAQ:CANGet Free Report)’s stock price dropped 8.6% on Monday . The company traded as low as $2.11 and last traded at $2.12. 4,484,220 shares traded hands during trading, a decline of 64% from the average daily volume of 12,324,560 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CAN shares. Rosenblatt Securities raised their price objective on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. B. Riley began coverage on Canaan in a report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st.

Check Out Our Latest Stock Report on Canaan

Canaan Trading Down 9.5 %

The company has a fifty day simple moving average of $1.76 and a two-hundred day simple moving average of $1.27. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The company has a market capitalization of $591.32 million, a P/E ratio of -1.56 and a beta of 3.24.

Institutional Investors Weigh In On Canaan

Several hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan during the 2nd quarter worth about $34,000. XTX Topco Ltd acquired a new position in Canaan in the 2nd quarter valued at approximately $79,000. Virtu Financial LLC lifted its position in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares during the period. Farther Finance Advisors LLC grew 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 worth $111,000 after purchasing an additional 30,447 shares in the last quarter. Finally, Impact Partnership Wealth LLC increased its position in shares of Canaan by 271.1% during 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 owned by institutional investors.

About Canaan

(Get Free Report)

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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