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 Monday . The stock had previously closed at $1.26, but opened at $1.44. Canaan shares last traded at $1.73, with a volume of 17,192,910 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CAN shares. HC Wainwright reiterated a "buy" rating and issued a $3.00 price target on shares of Canaan in a research note on Friday, August 16th. B. Riley started coverage on Canaan in a research note on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price target for the company. Rosenblatt Securities started coverage on Canaan in a research note on Wednesday, September 11th. They issued a "buy" rating and a $3.00 price target for the company. Finally, Nomura Securities upgraded Canaan to a "hold" rating in a research note on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Canaan has a consensus rating of "Moderate Buy" and a consensus target price of $3.38.

Canaan Stock Performance

The stock has a market capitalization of $538.20 million, a PE ratio of -1.15 and a beta of 3.06. The company has a quick ratio of 1.75, a current ratio of 2.88 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average price of $1.06 and a 200-day moving average price of $1.03.

Canaan (NASDAQ:CAN - Get Free Report) last announced its quarterly earnings data on Thursday, August 15th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.15. Canaan had a negative return on equity of 59.66% and a negative net margin of 158.65%. The firm had revenue of $71.86 million during the quarter, compared to analysts' expectations of $51.90 million. Research analysts expect that Canaan Inc. will post -0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in Canaan during the second quarter valued at approximately $34,000. XTX Topco Ltd purchased a new position in Canaan during the second quarter valued at approximately $79,000. Farther Finance Advisors LLC raised its position in Canaan by 38.6% during the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock valued at $111,000 after acquiring an additional 30,447 shares in the last quarter. Impact Partnership Wealth LLC raised its position in Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company's stock valued at $126,000 after acquiring an additional 92,038 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Canaan during the first quarter valued at approximately $149,000. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

Canaan Company Profile

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.