Shares of Canaan Inc. (NASDAQ:CAN - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $1.76, but opened at $1.85. Canaan shares last traded at $1.87, with a volume of 1,424,245 shares.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price objective for the company. Rosenblatt Securities raised 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. Finally, HC Wainwright reissued a "buy" rating and issued a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st.
Get Our Latest Stock Analysis on Canaan
Canaan Trading Up 2.3 %
The stock has a market cap of $506.85 million, a P/E ratio of -1.33 and a beta of 3.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The firm's fifty day simple moving average is $2.09 and its 200-day simple moving average is $1.39.
Institutional Trading of Canaan
A number of institutional investors have recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Canaan in the third quarter worth $556,000. Quadrature Capital Ltd raised its stake 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 period. XTX Topco Ltd boosted its holdings in Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company's stock worth $235,000 after acquiring an additional 153,255 shares in the last quarter. Old Port Advisors acquired a new stake in Canaan in the fourth quarter valued at approximately $100,000. Finally, Prime Capital Investment Advisors LLC increased its holdings in shares of Canaan by 4.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company's stock valued at $924,000 after acquiring an additional 42,774 shares in the last quarter. Institutional investors own 70.14% of the company's stock.
Canaan Company Profile
(
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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