Canaan (NASDAQ:CAN) Sees Large Volume Increase – What’s Next?

Shares of Canaan Inc. (NASDAQ:CAN) saw an uptick in trading volume on Wednesday . 10,842,370 shares changed hands during mid-day trading, a decline of 2% from the previous session’s volume of 11,009,755 shares.The stock last traded at $1.79 and had previously closed at $1.59.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. B. Riley initiated 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 initiated coverage on Canaan in a research report on Wednesday, September 11th. They set a “buy” rating and a $3.00 price objective for the company. Nomura Securities upgraded shares of Canaan to a “hold” rating in a research note on Monday, August 19th. Finally, HC Wainwright restated a “buy” rating and set a $3.00 price objective on shares of Canaan in a research report on Friday, August 16th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $3.38.

Canaan Trading Up 4.7 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 2.88 and a quick ratio of 1.75. The stock has a market cap of $503.42 million, a PE ratio of -1.11 and a beta of 3.06. The stock has a 50-day moving average price of $1.14 and a two-hundred day moving average price of $1.06.

Institutional Investors Weigh In On Canaan

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its stake in Canaan by 0.3% in the third quarter. State Street Corp now owns 9,111,069 shares of the company’s stock valued at $9,202,000 after purchasing an additional 23,759 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Canaan by 38.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 109,409 shares of the company’s stock valued at $111,000 after acquiring an additional 30,447 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Canaan during the 2nd quarter valued at about $34,000. SRN Advisors LLC grew its stake in shares of Canaan by 4.9% during the 1st quarter. SRN Advisors LLC now owns 739,303 shares of the company’s stock worth $1,124,000 after purchasing an additional 34,382 shares during the period. Finally, Commonwealth Equity Services LLC raised its position in shares of Canaan by 20.4% in the second 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 during the period. 70.14% of the stock is owned by institutional investors.

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.