Canaan (NASDAQ:CAN) Shares Gap Down – Here’s What Happened

Canaan Inc. (NASDAQ:CAN)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $2.97, but opened at $2.90. Canaan shares last traded at $2.88, with a volume of 1,944,210 shares changing hands.

Analyst Ratings Changes

A number of research firms recently weighed in on CAN. B. Riley assumed coverage on shares of Canaan in a research note on Wednesday, September 18th. They issued a “buy” rating and a $2.00 target price on the stock. Rosenblatt Securities boosted their price target on Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Thursday, November 21st.

Canaan Stock Down 0.3 %

The company has a market cap of $833.48 million, a P/E 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. The firm has a fifty day moving average price of $1.67 and a 200 day moving average price of $1.24.

Hedge Funds Weigh In On Canaan

Several large investors have recently made changes to their positions in CAN. State Street Corp raised 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 worth $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Virtu Financial LLC grew its holdings in shares of Canaan by 35.2% in the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock valued at $104,000 after buying an additional 26,920 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of 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 acquiring an additional 30,447 shares in the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Canaan during the second quarter worth about $34,000. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Canaan by 20.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 215,372 shares of the company’s stock valued at $215,000 after purchasing an additional 36,422 shares in the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

About Canaan

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.