Canaan Inc. (NASDAQ:CAN - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $2.22, but opened at $2.29. Canaan shares last traded at $2.22, with a volume of 2,858,737 shares.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities boosted their price target on shares of Canaan from $3.00 to $4.00 and gave the company a "buy" rating in a research note on Friday, December 6th. HC Wainwright restated a "buy" rating and set a $3.00 target price on shares of Canaan in a research note on Thursday, November 21st. Finally, B. Riley initiated coverage on Canaan in a research note on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price target on the stock.
Get Our Latest Stock Analysis on Canaan
Canaan Stock Down 7.7 %
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 stock has a market cap of $577.24 million, a PE ratio of -1.52 and a beta of 3.24. The business has a 50 day moving average of $1.91 and a 200-day moving average of $1.32.
Institutional Investors Weigh In On Canaan
Several hedge funds have recently made changes to their positions in CAN. Quadrature Capital Ltd raised its position in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock worth $550,000 after buying an additional 418,052 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Canaan in the third quarter valued at approximately $556,000. State Street Corp grew its holdings in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after acquiring an additional 23,759 shares during the period. Van ECK Associates Corp grew its holdings in Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company's stock worth $9,761,000 after acquiring an additional 3,482,283 shares during the period. Finally, Commonwealth Equity Services LLC raised its position in Canaan by 20.4% in 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. Institutional investors and hedge funds own 70.14% of the company's stock.
About Canaan
(
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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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