Canaan (NASDAQ:CAN) Shares Gap Up – Should You Buy?

Canaan Inc. (NASDAQ:CAN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.76, but opened at $1.85. Canaan shares last traded at $1.87, with a volume of 1,424,245 shares traded.

Wall Street Analyst Weigh In

CAN has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of Canaan in a research report on Thursday, November 21st. B. Riley initiated coverage on shares of Canaan in a research report on Wednesday, September 18th. They set a “buy” rating and a $2.00 price target on the stock. Finally, Rosenblatt Securities upped their price target on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research report on Friday, December 6th.

Canaan Price Performance

The stock has a market capitalization of $508.26 million, a price-to-earnings ratio of -1.34 and a beta of 3.27. 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 business’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $1.39.

Institutional Investors Weigh In On Canaan

A number of hedge funds have recently made changes to their positions in CAN. Old Port Advisors bought a new position in Canaan during the 4th quarter worth approximately $100,000. Virtu Financial LLC raised its holdings in Canaan by 35.2% during the 3rd quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after purchasing an additional 26,920 shares during the last quarter. XTX Topco Ltd raised its holdings in Canaan by 193.3% during the 3rd quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock worth $235,000 after purchasing an additional 153,255 shares during the last quarter. State Street Corp increased its stake in shares of Canaan by 0.3% in the 3rd quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after acquiring an additional 23,759 shares in the last quarter. Finally, Quadrature Capital Ltd increased its stake in shares of Canaan by 329.4% in the 3rd quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after acquiring an additional 418,052 shares in the last quarter. 70.14% of the stock is currently owned by institutional investors and hedge funds.

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.