Shares of Canaan Inc. (NASDAQ:CAN - Get Free Report) shot up 14.1% on Thursday . The company traded as high as $2.39 and last traded at $2.34. 8,154,875 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 12,458,802 shares. The stock had previously closed at $2.05.
Wall Street Analysts Forecast Growth
CAN has been the subject of several analyst reports. HC Wainwright restated a "buy" rating and issued a $3.00 target price on shares of Canaan in a report on Thursday, November 21st. B. Riley initiated coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a "buy" rating and a $2.00 price objective for the company. Finally, Rosenblatt Securities raised their target price 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.
Read Our Latest Research Report on Canaan
Canaan Price 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 has a fifty day simple moving average of $1.95 and a 200-day simple moving average of $1.33. The stock has a market cap of $625.11 million, a price-to-earnings ratio of -1.64 and a beta of 3.24.
Hedge Funds Weigh In On Canaan
A number of institutional investors and hedge funds have recently bought and sold shares of CAN. Vanguard Personalized Indexing Management LLC acquired a new position in Canaan in the 2nd quarter valued at approximately $34,000. Old Port Advisors bought a new stake in shares of Canaan during the fourth quarter valued at approximately $100,000. XTX Topco Ltd acquired a new position in shares of Canaan in the second quarter valued at $79,000. Virtu Financial LLC lifted its position in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company's stock worth $104,000 after purchasing an additional 26,920 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in Canaan by 38.6% in the third quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock worth $111,000 after purchasing an additional 30,447 shares during the period. Institutional investors own 70.14% of the company's stock.
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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