Traders Buy Large Volume of Call Options on Canaan (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the target of some unusual options trading on Tuesday. Investors purchased 11,805 call options on the company. This represents an increase of approximately 84% compared to the typical volume of 6,403 call options.

Canaan Stock Up 2.2 %

Shares of CAN stock traded up $0.05 during mid-day trading on Tuesday, hitting $2.06. The company’s stock had a trading volume of 35,672,606 shares, compared to its average volume of 16,730,066. The stock has a market cap of $578.65 million, a price-to-earnings ratio of -1.53 and a beta of 3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. Canaan has a 52-week low of $0.72 and a 52-week high of $3.27. The business has a 50-day moving average price of $2.14 and a 200 day moving average price of $1.42.

Hedge Funds Weigh In On Canaan

Hedge funds have recently bought and sold shares of the business. Exchange Traded Concepts LLC purchased a new stake in Canaan during the fourth quarter valued at $2,807,000. Old Port Advisors purchased a new stake in shares of Canaan during the 4th quarter valued at about $100,000. Virtu Financial LLC lifted its stake 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 purchasing an additional 26,920 shares during the period. XTX Topco Ltd lifted its stake 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 purchasing an additional 153,255 shares during the period. Finally, State Street Corp boosted its holdings in shares of Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock worth $9,202,000 after buying an additional 23,759 shares during the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CAN. Rosenblatt Securities upped their price target on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st.

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.