Canaan Inc. (NASDAQ:CAN - Get Free Report)'s stock price dropped 3.8% on Tuesday . The company traded as low as $1.90 and last traded at $1.90. Approximately 5,281,925 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 17,697,684 shares. The stock had previously closed at $1.97.
Wall Street Analyst Weigh In
CAN has been the topic of a number of research analyst reports. HC Wainwright restated a "buy" rating and set a $3.00 price objective on shares of Canaan in a research report on Wednesday, January 22nd. Rosenblatt Securities raised 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.
Read Our Latest Stock Analysis on Canaan
Canaan Stock Performance
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 firm's 50 day simple moving average is $2.21 and its 200 day simple moving average is $1.51. The firm has a market cap of $532.19 million, a PE ratio of -1.40 and a beta of 3.26.
Hedge Funds Weigh In On Canaan
Institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of Canaan during the fourth quarter valued at approximately $33,000. SBI Securities Co. Ltd. purchased a new position in Canaan during the 4th quarter valued at $83,000. Old Port Advisors purchased a new position in Canaan during the 4th quarter valued at $100,000. Private Advisor Group LLC bought a new position in Canaan in the 4th quarter valued at $102,000. Finally, IFP Advisors Inc increased its stake in Canaan by 4,234.0% in the fourth quarter. IFP Advisors Inc now owns 76,105 shares of the company's stock worth $156,000 after purchasing an additional 74,349 shares during the period. Hedge funds and other institutional investors own 70.14% of the company's stock.
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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