Canaan Inc. (NASDAQ:CAN - Get Free Report) was the recipient of some unusual options trading activity on Monday. Investors bought 8,391 call options on the stock. This is an increase of 62% compared to the average daily volume of 5,182 call options.
Canaan Trading Up 8.0 %
Shares of Canaan stock traded up $0.23 during mid-day trading on Monday, hitting $3.09. The stock had a trading volume of 28,649,547 shares, compared to its average volume of 12,205,610. The firm has a 50-day moving average of $1.59 and a two-hundred day moving average of $1.21. The firm has a market cap of $870.09 million, a P/E ratio of -2.38 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. Canaan has a 12-month low of $0.72 and a 12-month high of $3.50.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on CAN shares. B. Riley started coverage on shares of Canaan in a report on Wednesday, September 18th. They set a "buy" rating and a $2.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $3.00 price objective on shares of Canaan in a research note on Thursday, November 21st. Nomura Securities upgraded Canaan to a "hold" rating in a research note on Monday, August 19th. Finally, Rosenblatt Securities lifted their price target on Canaan from $3.00 to $4.00 and gave the company a "buy" rating in a research report on Friday, December 6th.
Read Our Latest Stock Analysis on CAN
Institutional Trading of Canaan
Several institutional investors and hedge funds have recently bought and sold shares of CAN. Quadrature Capital Ltd lifted its stake in Canaan by 329.4% during the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company's stock worth $550,000 after acquiring an additional 418,052 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Canaan during the third quarter worth about $556,000. Van ECK Associates Corp grew its holdings in shares of Canaan by 55.4% in the second quarter. Van ECK Associates Corp now owns 9,762,972 shares of the company's stock valued at $9,761,000 after purchasing an additional 3,482,283 shares in the last quarter. Commonwealth Equity Services LLC increased 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 buying an additional 36,422 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company's stock worth $111,000 after buying an additional 30,447 shares in the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.
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.
Further Reading
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