Canaan Inc. (NASDAQ:CAN - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.01, but opened at $2.39. Canaan shares last traded at $1.98, with a volume of 19,803,954 shares changing hands.
Analysts Set New Price Targets
CAN has been the topic of several recent analyst reports. Rosenblatt Securities increased their target price on Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. HC Wainwright reissued a "buy" rating and issued a $3.00 target price on shares of Canaan in a research report on Wednesday.
Read Our Latest Report on Canaan
Canaan Stock Performance
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's 50-day moving average is $2.16 and its 200-day moving average is $1.44. The stock has a market cap of $596.95 million, a price-to-earnings ratio of -1.57 and a beta of 3.27.
Institutional Trading of Canaan
Large investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Canaan during the second quarter worth $34,000. XTX Topco Ltd acquired a new position in Canaan in the 2nd quarter worth $79,000. Old Port Advisors purchased a new position in Canaan in the 4th quarter valued at about $100,000. Virtu Financial LLC grew its stake in shares of Canaan by 35.2% during the third 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 in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock worth $111,000 after acquiring an additional 30,447 shares during the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.
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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