Canaan Inc. (NASDAQ:CAN - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $2.34, but opened at $2.29. Canaan shares last traded at $2.24, with a volume of 2,210,758 shares trading hands.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the stock. HC Wainwright restated a "buy" rating and issued a $3.00 price target on shares of Canaan in a report on Thursday, November 21st. Rosenblatt Securities lifted their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Finally, B. Riley began coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price objective for the company.
Get Our Latest Stock Report on Canaan
Canaan Trading Down 9.4 %
The stock has a 50 day moving average of $2.04 and a 200 day moving average of $1.37. The firm has a market cap of $596.95 million, a P/E ratio of -1.57 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.
Institutional Investors Weigh In On Canaan
Several institutional investors have recently added to or reduced their stakes in CAN. Commonwealth Equity Services LLC boosted its stake in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company's stock worth $215,000 after acquiring an additional 36,422 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Canaan in the 2nd quarter worth about $34,000. XTX Topco Ltd purchased a new position in shares of Canaan during the second quarter valued at approximately $79,000. Farther Finance Advisors LLC lifted its position in Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock valued at $111,000 after purchasing an additional 30,447 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Canaan during the 3rd quarter valued at $556,000. Hedge funds and other institutional investors own 70.14% of the company's stock.
Canaan Company Profile
(
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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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