Canaan Inc. (NASDAQ:CAN - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $2.07, but opened at $1.87. Canaan shares last traded at $1.96, with a volume of 4,059,951 shares trading hands.
Analysts Set New Price Targets
A number of brokerages have weighed in on CAN. HC Wainwright restated a "buy" rating and issued a $3.00 price objective on shares of Canaan in a report on Wednesday, January 22nd. Rosenblatt Securities upped their price target on Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a research note on Friday, December 6th.
View Our Latest Report on CAN
Canaan Stock Up 3.3 %
The company has a market cap of $526.55 million, a P/E ratio of -1.39 and a beta of 3.26. The company's 50-day moving average is $2.21 and its two-hundred day moving average is $1.50. 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 Trading of Canaan
Large investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC bought a new position in shares of Canaan in the 4th quarter worth approximately $2,807,000. Van ECK Associates Corp increased its holdings in Canaan by 12.9% during the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company's stock valued at $21,255,000 after buying an additional 1,187,796 shares during the last quarter. Baader Bank Aktiengesellschaft raised its position in Canaan by 287.0% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after acquiring an additional 968,347 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Canaan during the 3rd quarter worth $556,000. Finally, Quadrature Capital Ltd grew its position in shares of Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock valued at $550,000 after acquiring an additional 418,052 shares during the period. 70.14% of the stock is currently owned by institutional investors.
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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