Canaan (NASDAQ:CAN) Trading Up 10.3% – Still a Buy?

Canaan Inc. (NASDAQ:CAN) shares shot up 10.3% during mid-day trading on Friday . The stock traded as high as $2.15 and last traded at $2.10. 4,450,890 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 13,139,834 shares. The stock had previously closed at $1.90.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Rosenblatt Securities upped their target price on Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Thursday, November 21st.

Canaan Stock Performance

The firm has a market capitalization of $629.33 million, a PE ratio of -1.66 and a beta of 3.27. 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’s fifty day simple moving average is $2.12 and its 200 day simple moving average is $1.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Old Port Advisors purchased a new stake in Canaan during the fourth quarter valued at about $100,000. Virtu Financial LLC increased its position in shares of Canaan by 35.2% during the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after buying an additional 26,920 shares during the period. XTX Topco Ltd raised its position in shares of Canaan by 193.3% in the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after acquiring an additional 153,255 shares in the last quarter. State Street Corp lifted its position in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after buying an additional 23,759 shares during the period. Finally, Quadrature Capital Ltd boosted its stake in Canaan by 329.4% during the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock worth $550,000 after acquiring an additional 418,052 shares in the last quarter. 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.