Canaan Inc. (NASDAQ:CAN - Get Free Report)'s share price traded down 4.9% during trading on Tuesday . The company traded as low as $2.87 and last traded at $2.94. 12,029,761 shares traded hands during trading, a decline of 1% from the average session volume of 12,203,361 shares. The stock had previously closed at $3.09.
Analyst Ratings Changes
Several equities analysts have weighed in on the company. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 target price on shares of Canaan in a research report on Thursday, November 21st. Nomura Securities upgraded shares of Canaan to a "hold" rating in a report on Monday, August 19th. B. Riley began coverage on shares of Canaan in a report on Wednesday, September 18th. They set a "buy" rating and a $2.00 target price on the stock. Finally, Rosenblatt Securities boosted their price target on shares of Canaan from $3.00 to $4.00 and gave the stock a "buy" rating in a research note on Friday, December 6th.
Check Out Our Latest Report on CAN
Canaan Stock Performance
The stock has a 50-day moving average price of $1.67 and a 200 day moving average price of $1.24. The firm has a market capitalization of $836.30 million, a price-to-earnings ratio of -2.20 and a beta of 3.24. The company has a quick ratio of 1.45, a current ratio of 2.03 and a debt-to-equity ratio of 0.08.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC raised its stake in Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company's stock worth $215,000 after acquiring an additional 36,422 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Canaan by 55.4% during the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company's stock worth $9,761,000 after purchasing an additional 3,482,283 shares in the last quarter. Impact Partnership Wealth LLC increased its position in shares of Canaan by 271.1% during the second quarter. Impact Partnership Wealth LLC now owns 125,990 shares of the company's stock worth $126,000 after purchasing an additional 92,038 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Canaan in the 2nd quarter valued at about $34,000. Finally, XTX Topco Ltd acquired a new stake in shares of Canaan in the 2nd quarter valued at about $79,000. Hedge funds and other 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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