Canaan (NASDAQ:CAN) Shares Down 4.6% - Should You Sell?

Canaan Inc. (NASDAQ:CAN - Get Free Report) traded down 4.6% on Thursday . The stock traded as low as $1.85 and last traded at $1.85. 1,926,433 shares traded hands during trading, a decline of 85% from the average session volume of 13,280,208 shares. The stock had previously closed at $1.94.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CAN shares. Rosenblatt Securities upped their price objective on Canaan from $3.00 to $4.00 and gave the company a "buy" rating in a research report on Friday, December 6th. HC Wainwright restated a "buy" rating and set a $3.00 price target on shares of Canaan in a report on Thursday, November 21st.

Canaan Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.45 and a current ratio of 2.03. The company has a market capitalization of $565.98 million, a P/E ratio of -1.49 and a beta of 3.27. The firm's fifty day moving average is $2.12 and its 200 day moving average is $1.40.

Institutional Investors Weigh In On Canaan

A number of institutional investors and hedge funds have recently modified their holdings of CAN. Quadrature Capital Ltd increased its stake in Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock worth $550,000 after purchasing an additional 418,052 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Canaan in the 3rd quarter worth about $556,000. State Street Corp lifted its holdings in Canaan by 0.3% during 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 in the last quarter. Commonwealth Equity Services LLC boosted 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 period. Finally, Farther Finance Advisors LLC boosted 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 period. 70.14% of the stock is owned by 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.