Canaan (NASDAQ:CAN) Shares Up 13.7% – Should You Buy?

Shares of Canaan Inc. (NASDAQ:CAN) shot up 13.7% on Thursday . The company traded as high as $2.05 and last traded at $2.12. 1,780,229 shares were traded during mid-day trading, a decline of 89% from the average session volume of 16,868,553 shares. The stock had previously closed at $1.86.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Canaan in a research note on Wednesday, January 22nd. Rosenblatt Securities increased their price objective on shares of Canaan from $3.00 to $4.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Canaan Stock Performance

The company has a current ratio of 2.03, a quick ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average price of $2.21 and a 200 day moving average price of $1.47. The firm has a market cap of $615.25 million, a PE ratio of -1.60 and a beta of 3.27.

Hedge Funds Weigh In On Canaan

Several institutional investors and hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC purchased a new stake in shares of Canaan during the 4th quarter valued at approximately $2,807,000. Van ECK Associates Corp raised its position in Canaan by 12.9% in the fourth quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after purchasing an additional 1,187,796 shares during the period. Baader Bank Aktiengesellschaft lifted its stake in shares of Canaan by 287.0% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock valued at $2,677,000 after purchasing an additional 968,347 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Canaan during the 3rd quarter worth $556,000. Finally, Quadrature Capital Ltd increased its position in shares of 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 purchasing an additional 418,052 shares during 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.