Canaan Inc. (NASDAQ:CAN - Get Free Report)'s share price was up 10.3% during trading on Friday . The stock traded as high as $2.15 and last traded at $2.10. Approximately 4,450,890 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 13,139,834 shares. The stock had previously closed at $1.90.
Analysts Set New Price Targets
Several equities 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 Thursday, November 21st. Rosenblatt Securities increased 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.
Check Out Our Latest Stock Analysis on CAN
Canaan Trading Up 5.8 %
The company has a debt-to-equity ratio of 0.08, a current ratio of 2.03 and a quick ratio of 1.45. The firm has a market capitalization of $565.98 million, a PE ratio of -1.49 and a beta of 3.27. The business's 50-day moving average price is $2.14 and its 200-day moving average price is $1.41.
Hedge Funds Weigh In On Canaan
A number of hedge funds have recently modified their holdings of the business. Quadrature Capital Ltd grew its position in Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock valued at $550,000 after buying an additional 418,052 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Canaan in the 3rd quarter valued at $556,000. State Street Corp grew its position in Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company's stock valued at $9,202,000 after buying an additional 23,759 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Canaan by 20.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company's stock valued at $215,000 after buying an additional 36,422 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in Canaan by 38.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock valued at $111,000 after buying an additional 30,447 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.
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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