Canaan Inc. (NASDAQ:CAN - Get Free Report) shares traded up 13.7% on Thursday . The stock traded as high as $2.05 and last traded at $2.12. 1,780,229 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 16,868,553 shares. The stock had previously closed at $1.86.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the stock. Rosenblatt Securities upped their target price on shares of Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a report on Friday, December 6th. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 target price on shares of Canaan in a report on Wednesday, January 22nd.
View Our Latest Stock Analysis on Canaan
Canaan Trading Down 4.8 %
The business's fifty day simple moving average is $2.22 and its 200 day simple moving average is $1.48. 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 has a market cap of $554.71 million, a P/E ratio of -1.46 and a beta of 3.26.
Institutional Investors Weigh In On Canaan
A number of hedge funds have recently added to or reduced their stakes in CAN. Old Port Advisors acquired a new position in Canaan during the 4th quarter valued at about $100,000. Private Advisor Group LLC acquired a new position in Canaan during the 4th quarter valued at about $102,000. Virtu Financial LLC lifted its position in Canaan by 35.2% during the 3rd 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 period. Farther Finance Advisors LLC lifted its position in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock valued at $111,000 after purchasing an additional 30,447 shares during the period. Finally, Certuity LLC acquired a new position in Canaan during the 4th quarter valued at about $205,000. 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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