Canaan (NASDAQ:CAN) Shares Down 3.8% – Should You Sell?

Shares of Canaan Inc. (NASDAQ:CAN) fell 3.8% during mid-day trading on Tuesday . The company traded as low as $1.90 and last traded at $1.90. 5,281,925 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 17,697,684 shares. The stock had previously closed at $1.97.

Analysts Set New Price Targets

CAN has been the subject of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $3.00 price objective on shares of Canaan in a report on Wednesday, January 22nd. Rosenblatt Securities increased their price objective on shares of Canaan from $3.00 to $4.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Canaan Stock Performance

The firm has a market cap of $516.14 million, a P/E ratio of -1.37 and a beta of 3.26. 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 of $2.21 and a 200-day moving average of $1.49.

Institutional Investors Weigh In On Canaan

A number of institutional investors have recently made changes to their positions in the company. IFP Advisors Inc grew its holdings in shares of Canaan by 4,234.0% during the 4th quarter. IFP Advisors Inc now owns 76,105 shares of the company’s stock worth $156,000 after purchasing an additional 74,349 shares in the last quarter. Private Advisor Group LLC acquired a new stake in Canaan during the fourth quarter worth about $102,000. Van ECK Associates Corp increased its holdings in Canaan by 12.9% in the 4th quarter. Van ECK Associates Corp now owns 10,368,217 shares of the company’s stock valued at $21,255,000 after buying an additional 1,187,796 shares during the period. Certuity LLC acquired a new position in shares of Canaan in the 4th quarter valued at approximately $205,000. Finally, Baader Bank Aktiengesellschaft lifted its holdings in shares of Canaan by 287.0% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 1,305,724 shares of the company’s stock worth $2,677,000 after acquiring an additional 968,347 shares during the period. Institutional investors 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.