Canaan (NASDAQ:CAN) Trading Down 4.1% – Here’s Why

Canaan Inc. (NASDAQ:CAN) fell 4.1% on Friday . The company traded as low as $1.72 and last traded at $1.75. 2,589,160 shares were traded during trading, a decline of 77% from the average session volume of 11,143,796 shares. The stock had previously closed at $1.82.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CAN. Rosenblatt Securities began coverage on shares of Canaan in a research note on Wednesday, September 11th. They issued a “buy” rating and a $3.00 price objective for the company. B. Riley initiated coverage on shares of Canaan in a report on Wednesday, September 18th. They issued a “buy” rating and a $2.00 price target on the stock. Nomura Securities upgraded shares of Canaan to a “hold” rating in a report on Monday, August 19th. Finally, HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Canaan in a report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.38.

Canaan Trading Up 8.0 %

The company’s 50 day simple moving average is $1.17 and its 200 day simple moving average is $1.06. 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 firm has a market cap of $594.14 million, a price-to-earnings ratio of -1.16 and a beta of 3.06.

Hedge Funds Weigh In On Canaan

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC raised its position in Canaan by 35.2% in the third quarter. Virtu Financial LLC now owns 103,394 shares of the company’s stock worth $104,000 after acquiring an additional 26,920 shares in the last quarter. XTX Topco Ltd grew its position in shares of Canaan by 193.3% in the third quarter. XTX Topco Ltd now owns 232,525 shares of the company’s stock valued at $235,000 after purchasing an additional 153,255 shares during the period. State Street Corp grew its position in shares of 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 period. Quadrature Capital Ltd grew its position in shares of Canaan by 329.4% in the third quarter. Quadrature Capital Ltd now owns 544,976 shares of the company’s stock valued at $550,000 after purchasing an additional 418,052 shares during the period. Finally, Prime Capital Investment Advisors LLC grew its position in shares of Canaan by 4.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 914,385 shares of the company’s stock valued at $924,000 after purchasing an additional 42,774 shares during the period. Institutional investors and hedge funds own 70.14% of the company’s stock.

Canaan Company Profile

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.