Canaan Inc. (NASDAQ:CAN - Get Free Report)'s share price fell 4.6% during trading on Tuesday . The stock traded as low as $1.90 and last traded at $1.96. 2,843,827 shares changed hands during trading, a decline of 84% from the average session volume of 17,314,010 shares. The stock had previously closed at $2.05.
Analyst Upgrades and Downgrades
Several research firms recently commented on CAN. Rosenblatt Securities raised their target price on 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 set a $3.00 target price on shares of Canaan in a report on Wednesday, January 22nd.
Read Our Latest Stock Report on Canaan
Canaan Stock Performance
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 fifty day simple moving average of $2.21 and a 200 day simple moving average of $1.47. The company has a market capitalization of $582.87 million, a price-to-earnings ratio of -1.53 and a beta of 3.27.
Institutional Trading of Canaan
Institutional investors have recently made changes to their positions in the company. Quadrature Capital Ltd boosted its stake in shares of 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 acquiring an additional 418,052 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Canaan during the third quarter worth $556,000. Baader Bank Aktiengesellschaft boosted its stake in Canaan by 287.0% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company's stock worth $2,677,000 after buying an additional 968,347 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in Canaan during the fourth quarter worth $2,807,000. Finally, State Street Corp boosted its stake in Canaan by 0.3% during the third quarter. State Street Corp now owns 9,111,069 shares of the company's stock worth $9,202,000 after buying an additional 23,759 shares during the last quarter. 70.14% of the stock is owned by institutional investors and hedge funds.
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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