Canaan (NASDAQ:CAN) Shares Gap Down - Should You Sell?

Canaan Inc. (NASDAQ:CAN - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $2.97, but opened at $2.90. Canaan shares last traded at $2.88, with a volume of 1,944,210 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CAN shares. HC Wainwright reissued a "buy" rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st. B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They set a "buy" rating and a $2.00 target price for the company. Finally, Rosenblatt Securities lifted 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.

Canaan Trading Down 12.8 %

The company has a market capitalization of $729.30 million, a P/E ratio of -1.92 and a beta of 3.24. The stock has a 50 day moving average of $1.67 and a 200-day moving average of $1.24. The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after purchasing an additional 23,759 shares during the period. Virtu Financial LLC increased its holdings in Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock valued at $104,000 after acquiring an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Canaan by 38.6% in 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. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan during the 2nd quarter valued at about $34,000. Finally, Commonwealth Equity Services LLC grew its position in shares of Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company's stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. Institutional investors own 70.14% of the company's stock.

Canaan Company Profile

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.