Canaan (NASDAQ:CAN) Shares Gap Up - Time to Buy?

Shares of Canaan Inc. (NASDAQ:CAN - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $2.06, but opened at $2.19. Canaan shares last traded at $2.28, with a volume of 6,541,507 shares traded.

Analyst Upgrades and Downgrades

CAN has been the subject of a number of research analyst reports. B. Riley started coverage on Canaan in a research report on Wednesday, September 18th. They issued a "buy" rating and a $2.00 target price for the company. HC Wainwright reissued a "buy" rating and issued a $3.00 price target on shares of Canaan in a research report on Thursday, November 21st. Finally, Rosenblatt Securities upped 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.

Canaan Price Performance

The firm has a 50 day moving average price of $1.80 and a two-hundred day moving average price of $1.29. The company has a market cap of $633.56 million, a P/E ratio of -1.67 and a beta of 3.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03.

Institutional Trading of Canaan

Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of 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 purchasing an additional 23,759 shares in the last quarter. Virtu Financial LLC lifted its position in 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 purchasing an additional 26,920 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock worth $111,000 after buying an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of Canaan in the 2nd quarter worth $34,000. Finally, Commonwealth Equity Services LLC raised its position in Canaan by 20.4% during the second quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company's stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company's stock.

About Canaan

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.